Independent Resources plc, on Thursday announce that its subsidiary Independent Resources Ksar Hadada Limited, has taken up 100% of the contractor interest in the onshore Ksar Hadada hydrocarbon exploration permit in Tunisia.

Independent Resources Ksar Hadada Limited (IRKH), is at present the only contractor in the Production Sharing Contract after it successfully submitted it to Entreprise Tunisienne d'Activités Pétrolières and the Ministry of Industry, Energy and Mines for assistance in the departure of its minority partners.

The company has however asked the Entreprise Tunisienne d'Activités Pétrolières to put forward an application to the Ministry of Industry, Energy and Mines for the addition of a one-year extra time to the Ksar Hadada permit.

“We are pleased to be have increased our interest in the Ksar Hadada permit and will continue to seek a farm-in partner. IRKH will now have greater flexibility to agree new commercial arrangements with interested parties and in the short-term will have a reduced administrative burden as sole contractor. Our immediate priorities are to continue planning for the acquisition of 3D seismic, to prepare our drilling programme and to progress discussions with potential farm-in partners. The Company is also continuing to seek both debt and equity finance to meet its future financing requirements,” Greg Coleman, CEO, of Independent Resources told Oil Voice.

Anita Fatunji