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CCH Approved Re Ksar Hadada License

Source: www.gulfoilandgas.com 8/18/2014, Location: Africa

Independent Resources has now received formal confirmation that the meeting of the Consultative Commission on Hydrocarbons of Tunisia ("CCH"), held on 7 August 2014, approved the extension of the Ksar Hadada licence to April 2016.

Independent Resources Ksar Hadada Limited, a wholly owned subsidiary of the Company, has been appointed as the Operator of the Ksar Hadada licence with a revised working interest in the Production Sharing Contract of 86.345%.

Information on Ksar Hadada
The Ksar Hadada exploration permit covers an onshore area of 2,252 square kilometres in south-east Tunisia. The primary targets on the Ksar Hadada block are the Ordovician Bir Ben Tartar quartzite and the Silurian Acacus sandstone, sourced by the basal member of the Silurian Tanezzuft shale, which is the main source rock for North Africa.

An independent third-party evaluation ("Competent Persons Report" or "CPR") of the Ksar Hadada permit completed by Blackwatch Petroleum Services ("Blackwatch") in April 2014 estimated gross recoverable resources of 108 million barrels of oil equivalent.

The CPR attributed the following economic valuations to the Ksar Hadada Permit as a whole and to Independent Resources' net working interest of 86.345% in the Ksar Hadada Permit.

In compiling its report, Blackwatch assumed an oil price of US$95 per barrel and applied a 10 per cent. discount rate to all future cashflows. Their report attributed a 38% chance of success to the Sidi Toui Ordovician prospect in Ksar Hadada and a 19% chance of success to the Gazelle Acacus sandstone prospect.

Future Work Programme
The immediate priorities for IRG and its partners are engaging in shooting 3D seismic and then preparing for re-entry of one of the existing wells in the Ksar Hadada licence area.

A formation micro-imaging study of ST-4 well logging data from 2010 and core data from nearby wells has been commissioned and will provide new data on fracture characteristics including length, density, and porosity, which is important as much of the prospective oil in Ksar Hadada is expected to be recovered from the fracture swarms present.

IRG is in discussions with service providers to finalise tenders for a 3D seismic programme over the key areas of the Ksar Hadada licence identified as most prospective. It is anticipated that the tender process could be completed in the early Autumn of 2014 with seismic acquisition to follow. Well re-entry could begin in the second quarter of 2015.

The results will assist in choosing the location of the next exploration well on the Ksar Hadada licence. IRG believes that the availability of seismic data will also be beneficial in increasing the attractiveness of Ksar Hadada as an investment opportunity.

In due course, IRG expects to bring in partners to fund a significant portion of the work programme and is now actively engaging in the necessary process to achieve this.

Greg Coleman, CEO, stated:
"While the award of operatorship and our revised working interest in the Ksar Hadada licence has taken somewhat longer than originally envisaged, we are delighted to have received CCH approval.

We will continue to prepare for shooting seismic and well re-entry and progress discussions with potential farm-in partners."

For more information about related Opportunities and Key Players visit North Africa Projects

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