LONDON (Thomson Financial) - AIM-listed oil companies Independent Resources
Plc. and Petroceltic International Plc. said the exploration rights on the Ksar
Hadada oil and gas exploration permit in Tunisia have been extended for a
further three years from April 20, 2008.
Independent said the extension follows the completion of work to acquire new
seismic and well data which indicate that Ksar Hadada may contain several new
prospects in addition to the Sidi Toui and Oryx structures previously known to
be present.
Independent Resources said it and operator Petroceltic have surrendered 20
percent of the concession to the state, in line with the production sharing
contract.
Independent executive chairman Grayson Nash said: "We are delighted to have
secured continued exploration rights over Ksar Hadada for another three years,
especially since our extensive work on the permit has yielded such encouraging
results."
The Ksar Hadada permit now covers more than 5,600 square kilometres,
Independent Resources said, adding further work is now planned in the light of
the most recent data.
TFN.newsdesk@thomson.com
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