Petroleum Africa
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Tuesday, November 24, 2015
Independent Resources, in its inaugural Q3 report, issued an update on its operations in Egypt.
During Q3 the company entered into a JV with Nostra Terra Oil & Gas which led to the acquisition of a stake in the East Ghazalat concession in Egypt’s Western Desert. The initial acquisition through the JV was a 50% interest in the concession for $3.5 million, operated by North Petroleum, a wholly-owned subsidiary of China ZhenHua Oil Co, Ltd, a Chinese state-owned oil company. The effective date of the closing was July 1, which allowed for the company to realize production and revenue from the asset.
The immediate priorities of the JV are to work with the operator, North Petroleum, to improve operating margins through cost reduction initiatives and to implement further reserve enhancement opportunities in a disciplined and rigorous manner. IRG is discussing plans for near-term well optimization and drilling opportunities in 2016.
In Tunisia the company completed a Remote Direct Detection of Hydrocarbon Survey (RDDH-S) of the 86.345% operated Ksar Hadada permit in Tunisia. This revealed some significant potential. The company continues to seek a partner to farm in to the permit to complete the work program.
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