Independent Resources surges on 'substantial' new leads

Independent Resources (IRG) has revealed remote sensing surveying had identified "substantial" new leads in its Ksar Hadada onshore permit in Tunisia.

Based on a fresh remote sensing hydrocarbon survey (RSDD-H), coupled with existing seismic data, IRG said two new substantial leads in the Acacus play prevalent in the Ghadames Basin of North Africa, where the company holds a 86% interest in the Ksar Hadada exploration permit.

The RSDD-H survey has also increased confidence in the Gazelle prospect within Ksar Hadada and provides a "direct survey comparison between the offsetting Bir Ben Tartar producing field and the Ksar Hadada prospects and leads".

Gazelle was identified in a Blackwatch Competent Persons Report with an estimated unrisked resource of 37.1m barrels of oil equivalent under the P(mean) scenario in the Acacus.

IRG said it now estimated an unrisked resource potential for this prospect of 77m barrels of oil equivalent at the median level within a range extending from 15m to 175m barrels of recoverable oil and gas.

The two new leads have a recoverable resource of 49 and 13 million barrels of oil equivalent unrisked under a median scenario.

"These results provide further evidence that the company is able to utilise a number of innovative tools to increase the likelihood of success in drilling high quality prospects in the Ksar Hadada Permit," IRG said. "The size of the identified prospects and leads on the permit are very attractive commercially despite today's lower oil prices."

It added that "a number" of companies were mulling possible farm-in deals on Ksar Hadada permit.

"The RSDD-H survey could allow some companies to consider drilling new wells in advance of any further seismic surveys."