Independent Resources plc is pleased to provide its first operational and production update for the third quarter of 2015.
Joint Venture in Egypt - East Ghazalat (Western Desert)
Quarterly production of 18,985 barrels of oil
Quarterly revenues reached US$358,457.
Completed a RDDH-S of the Ksar Hadada licence which revealed significant potential
Revenue in Egypt is the accrued combination of cost recovery and profit oil attributed to IRG. The average realised price for 3Q was $47.20 per barrel.
Q3 2015 Operations Update
East Ghazalat (Western Desert, Egypt)
During the quarter IRG entered into a joint venture ('JV') agreement with Nostra Terra Oil and Gas plc, an AIM listed exploration and production company focused on the acquisition of producing assets in the US and Egypt ,which has a similar strategic intention to that of IRG to invest in producing or near-production assets with some upside potential