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Thursday, March 27, 2014
Independent Resource released its third-party evaluation, or CPR, for the Ksar Hadada permit onshore Tunisia prepared by Blackwatch Petroleum Services. The report estimates 108 million boe of prospective resources.
Blackwatch’s evaluation covers the Sidi Toui and Gazelle Prospects within the Ksar Hadada permit area. The report attributed a 38% chance of success to the Sidi Toui Prospect and a 19% chance of success to the Gazelle Prospect.
ETAP, with the support of the company, has made an application for Independent Resources to be the operator of the Ksar Hadada license with an interest of 86.345% in the PSC and an extension period of two years. Approval by the Consultative Commission on Hydrocarbons of Tunisia is expected next month.
Once the award of operatorship is granted and the license extension is granted, Independent and its partners in the license expect to commence a work program including 200 sq km of 3D seismic, re-entry of one existing well, and drilling one new well. Shooting of the seismic is expected to begin in the third quarter of this year with drilling beginning in Q1 2015.
In due course, IRG expects to bring in partners to fund a significant portion of the work program.
Greg Coleman CEO said “The Board expects that Tunisia will be one of the core areas for Independent as we implement our Mediterranean Basin exploration and production strategy over the coming months. The findings of the evaluation by Blackwatch clearly indicate the potential value of the Ksar Hadada opportunity. We look forward to formal announcement of the award of the two year extension and the award of operatorship, which we currently expect next month and to progressing with the work program.”
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