Petroleum Africa
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Friday, February 21, 2014
Independent Resources and ETAP have received formal notice from Tunisia’s Ministry of Industry, Energy, and Mines through the DGE, inviting Independent (with the other minority partners) to submit a revised program to cover the proposed extended period of the Ksar Hadada permit for up two years up to April 19, 2016.
ETAP, with the support of the company, made an application on February 19, 2014 for Independent Resources to be the operator of the license with an interest of 86.345% of the PSC for the period of this extension.
Greg Coleman, CEO, stated: “We are pleased that DGE has acknowledged the difficult issues that we have been facing and we look forward to working closely with ETAP to make up for lost time and completion of the revised work program. We remain convinced that Ksar Hadada has the potential to be a significant hydrocarbon resource for the State of Tunisia and contribute to the company’s stated strategy to build a development led Exploration and Production business in the Mediterranean basin. We will inform shareholders of further developments in due course.”
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