Petroleum Africa
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Wednesday, March 4, 2015
Independent Resources reported that its management continues to progress farm-out discussions in relation to its working interest in Tunisia’s Ksar Hadada license. The Ksar Hadada acreage is being marketed by Envoi and a number of third parties have expressed interest and are currently evaluating the opportunity.
The online data room remains open and technical presentations continue to be held with additional potential partners. Securing a farm out remains a priority and the Company will look to update shareholders in due course on developments. It should be noted that the economics of the Ksar Hadada opportunity are robust at current lower oil prices and would still remain favorable at prices below $40 per barrel.
The current oil price environment and the company’s experience in the industry and region has offered up a number of new and exciting potential investment opportunities. The company is actively reviewing a number of these opportunities and will look to update the market as and when appropriate.
Independent Resources also announced the appointment of Brandon Hill Capital, a broking and advisory firm specializing in natural resources, as joint broker to the company alongside Charles Stanley Securities with immediate effect.
Oliver Stansfield CEO of Brandon Hill Capital commented: “We are pleased to have formalized our relationship with Independent Resources Group and look forward to assisting the management team in executing their investment strategy to build a company of scale focused on the Mediterranean basin, especially North Africa.”
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