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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Indep. Res. | IRG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 0.395 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.395 | 0.395 |
| Top Posts |
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Posted at 07/6/2016 07:15 by h2owater "no committed plans to sell shares""The directors, through the Company's advisers, have engaged in conversations with those parties who have become significant shareholders following the recent conversion of loans provided to the Company. These parties have indicated that they have no committed plans to sell shares as they see opportunity for significant potential upside and value creation for all shareholders." |
Posted at 25/1/2016 14:02 by tomboyb Independent Resources PLC Update re East Ghazalat concession25/01/2016 2:00pm UK Regulatory (RNS & others) Independent Resources (LSE:IRG) Intraday Stock Chart Today : Monday 25 January 2016 Click Here for more Independent Resources Charts. TIDMIRG RNS Number : 9037M Independent Resources PLC 25 January 2016 Independent Resources plc Update re East Ghazalat concession Independent Resources plc ("IRG") (AIM:IRG) and Nostra Terra Oil and Gas Company plc ("NTOG") (AIM:NTOG) make the following announcement in relation to the East Ghazalat concession in Egypt ("East Ghazalat"). In this announcement: "JV" means the joint venture between IRG and NTOG. "North" or "NPIC" means North Petroleum International Company, a subsidiary of China ZhenHua Oil Co. North is the owner of the other 50% interest and operator in East Ghazalat (China Zhenhua Oil Co. is the wholly owned oil and gas arm of China North Industries Corporation ("NORINCO"), a Chinese state-owned company). "JOA" means the joint operating agreement between North and the JV which governs East Ghazalat. North has served a notice of default pursuant to the terms of the JOA in respect of unpaid cash calls for November and December 2015, which the JV estimates to be approximately $750,000. These cash calls had previously been rejected by the JV on the grounds that they were manifestly excessive, contained no justification for the level of funds demanded and failed to reflect the issues already raised by the JV under the JOA in relation to the 2015 budget. The JV had previously served notice on North pursuant to the relevant provisions of the JOA that it intends to undertake detailed audits of the accounting and procurement processes, actual accounts, records and inventory for East Ghazalat for the 2013 and 2014 financial years. These audits are in pursuance of the JV's policy, as previously stated on 15 October 2015, of seeking to improve operating margins through cost reduction initiatives and to implement further reserve enhancement opportunities in a disciplined and rigorous manner. The JV believes that the service of the notice is in part in response to the submission of the audit request by the JV and the challenges it has been posing and continues to pose to North in its capacity as operator. In addition, on completion of the acquisition, the right to recover under the unresolved audit for the 2012 year undertaken by TransGlobe was transferred to the JV. In the JV's view, proper process has not been followed by North or its predecessor as operator in response to the 2012 audit report served on them in early 2013. Accordingly, the JV believes that the overcharges identified in that audit, some $575,000, have become payable by North and it is seeking resolution of this matter urgently. The JV believes and is advised that North are in substantial breach of the JOA inter alia in terms of the preparation approval and revision of budgets, in the provision of requested information to the JV (to which it is entitled under the JOA), in the provision of inadequate information to substantiate their cash call and in failing to declare or manage certain significant conflicts of interest to the detriment of the JV. In an environment of low and unstable oil prices the JV has challenged the budgets and the levels of expenditure being incurred but North have refused to respond despite their duty as Operator to do so under the JOA. Accordingly, the JV has served a full and detailed Dispute Notice as required by the JOA on North. The JOA provides for arbitration in London under UK law if the dispute cannot be resolved. The JV continues to be entitled to its share of the revenues from East Ghazalat, both past and future. The JV is continuing to progress arrangements for prompt invoicing and payment of its share. The JV believes that a robust response and challenge to North both through the Dispute Notice and the audit process will result in greater control of overheads, better planning and management of operations in the field and the recovery of overcharges from the 2012 audit and the significant scope for recovery of overcharges from the proposed audits. Further announcements will be made in due course. For more information, please visit www.ir-plc.com or contact: Greg Coleman Independent Resources plc 020 3367 1134 Mark Taylor Panmure Gordon (UK) Limited 020 7886 2500 (Nominated Adviser & Joint Broker) Oliver Stansfield Brandon Hill Capital 020 3463 5000 Jonathan Evans (Joint Broker) Simon Hudson Tavistock Communications 020 7920 3150 |
Posted at 22/1/2016 16:45 by aimshares Greg Coleman. IRGHe did a interview today. https://audioboom.co |
Posted at 06/10/2015 08:00 by liquid millionaire cashandcard 6 Oct'15 - 07:49 - 2691 of 2693 1 0Excellent news! Immediate cashflows from this acquisition, plus 2 undeveloped gas/condensate fields. Sounds like more to come aswell. Oil production at reasonable cost. Its obvious to see why they got it, Tansglobe spent a fortune in 2013-2014 when oil was $100/bbl. They have since had massive impairments written against the assets in their subsiduary - the JV are buying that subsiduary and they get its historic w/i cost pool ($27mln). IRG and NTOG have only had to spend $3.5mln to get this. Even better for IRG holders is NTOG (as I suspected) have been brought into this to finance the balance of the initial $1mln -'existing third party loan facility'. This is the turning point - a new page in this company's history. Cash |
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Posted at 16/6/2015 20:15 by aimshares timing40Avoid Xcite Energy Limited, Buy Independent Resources (IRG)June 11 2015And one that sticks out is Independent Resources (IRG) after a recent round of funding and sitting below the placing price, we can now expect this heavyweight board to start delivering its elephant field in Tunisia.(IRG) received an extension to the Ksar Hadada licence until April 2016.At the same time the company's new position as project operator has been rubber-stamped and its stake in the project increases to 86.345% from 19%.Government approval has effectively cleared the way for the mirco-cap oil and gas firm to re-start exploration and development work at Ksar Hadada where a recent estimate identified 108mln barrels of oil equivalent 'in place' resources with a net value of US$263mln.Coleman explains that the company had not been entirely satisfied with the management of the licence in the past, so taking control of operations is a big plus."Now [we are operator] we can't point the finger at anyone else and say it is their fault," he adds. "It is now up to us to deliver, and we think we can do the job - so it is good news."With the regulatory matters now settled, Coleman now has two key priorities securing a contract for a planned seismic programme and partnering.He explains that detailed talks have already been had with two separate potential suitors, both of which had made their interest known to the company. The plan now is to expand the discussions via a broader farm-out process.Coleman says a deal could be agreed , and in the meantime IRG will continue to make preparations for the seismic programme. Armed with better seismic data the company would then aim to test the reservoir quality, either by re-entering a prior well or by drilling a new one from scratch.http://www.g |
Posted at 31/5/2015 10:43 by aimshares IRGExpected news in coming months 1. Tender contracts to be given to contractors June/July 2. One or two new producing oil assets to be bought 3. Farmout for Tunisia which could happen at anytime 4. A large oil firm taking a stake in IRG July onwards. 5. And the big news am expecting this year is the gas project which is on hold due to permit being taking away by the Italian government ,the court case is in November if the it is over turned ,then IRG will have a project worth $300 to $400 back on line which the will be selling in a auction to the highest bidder and if you look at the past reports it put the gas project worth 97p. With a blink of a eye you will see this jump to 97p which is what the project is worth . |
Posted at 30/5/2015 22:46 by aimshares Tradeingstock was on about IRG was on Shells radar and I did not believe him because he did not post the link. But I have found the link (Could IRG be on shells Radar Tunsia)http://www.go |
Posted at 18/8/2014 11:20 by liam wilson dont forget about Italy which has a high value and up for saleIndependent Resources PLC, (LSE AIM: IRG) Our price target of 143p thus equates to; 66.7p CBM; 61.5p Tunisia exploration; 14.6p gas storage The pre‐permitting undiscounted value per share is around 97p and merely accounting for the pre‐planning transaction value, the true value of the project post planning is likely to be multiple but this still looks some way off. Even following approval, there will be a two year appraisal period including 3D seismic acquisition. Independent Resources (LON:IRG) is set for a series of important catalysts which will transform it. AIM-quoted Independent Resources (LON:IRG) is set for a busy and potentially significant time in Tunisia. In the coming weeks and months, IRG is set for a series of important catalysts which will transform it. Its main active asset of note is an 18.97% stake in Ksar Hadada, an exploration project in Tunisia The pending ratification of a new licence agreement with the Tunisian authorities will, however, set in motion a major transition. ETAP, Tunisia's national oil and gas firm, has applied on IRG's behalf to make the AIM quoted firm the operator of Ksar Hadada. At the same time this will increase IRG's stake in the project massively, to 86.345%. As operator IRG will then have two years to satisfy the government's exploration requirements, namely a seismic survey and a two well programme. As such the ratification is expected to be a significant milestone. It could see a re-rating of the group's valuation. The upside is particularly evident given that last week's CPR identified 108mln barrels of oil equivalent of prospective resources, which the third party reserve auditor estimates to be worth between US$263mln (gross risked) and US$837mln gross unrisked. The seismic programme, budgeted at about £2mln, could potentially get underway in the third quarter of this year. At that point, having de-risked existing prospects and identified new ones, the idea is for IRG to divest some of its recently enlarged stake in Ksar Hadada, to bring in a partner to help fund the drill programme which could get underway later this year. Chief executive Greg Coleman says a farm-down of project equity back to around 40% would be ideal. "For us 86% of this would become a big sum of money,". We can take this a long way, but once it comes down to a development decision we need to make sure we have a good partner that can fund a decent share of this project at the development stage. "So, we'll be looking at possible farm-outs . If we each had around 40%, that would be a pretty good level for us to be at in the long term." The wells will be relatively shallow and relatively cheap, each likely to cost a little over £3mln. And should they follow the established blueprint of discovered fields nearby, to the south, they could come online at around 1,000 barrels a day, before stabilising at a steady 200-300 barrels per day. Whilst Ksar Hadada can be the project to pick the company's value up off the floor in the relatively near term, the longer term strategy for IRG is to use management's technical expertise to gain access to other projects and build a portfolio of growth assets. "Our strategy is to acquire interests in assets where we can make real differences, and can add value to assets by our contribution," Coleman explained. "We believe we could help people drill better wells, cheaper wells and drill faster. We think can help with seismic processing and interpretation. "A lot of people struggle when it comes to the development of reservoirs, because wells are drilled in the wrong places, or don't consider secondary recovery (like water-flooding). "And this is the case in Tunisia. For many years bigger companies haven't really paid enough attention, so we think there are things we can do there. There are a lot of under-developed assets, and we're aware of certain blocks of acreage that might become available, that we could look at. He adds: "But, we do have to walk before we try to run. We need to focus on getting things started right." AIM-quoted Independent Resources (LON:IRG) revealed it was in preliminary discussions with a number of parties over a potential transaction. The company is considering a range of strategies, including farm outs, the sale of assets, and the merger or sale of the company. |
Posted at 15/8/2014 09:47 by loading Independent Resources PLC, (LSE AIM: IRG) Our price target of 143p thus equates to; 66.7p CBM; 61.5p Tunisia exploration; 14.6p gas storagethe management team at Independent Resources operates on a model that tightly integrates oil and gas exploration and storage. IRG's model tightly integrates its upstream oil and gas assets in North Africa and Italy with the development of a major storage facility and sees this as a way to maximize its production projects as the basis of a business that returns a high value. Independent Resources has confidence that it's unique brand of partnerships and acquisitions, when tied to its assets result in a strong business model. At the moment, IRG is involved in many major projects including the Rivara underground gas storage facility. This project, which uses a naturally fractured deep reservoir in Italy's Po Valley, not only has gained government concessions, believes that this project will be a major step in alleviating a major hole in the gas distribution and storage system that has existed for some time. This storage facility, when it is online will handle an estimated 3.2 billion cubic meters of natural gas. This, the company notes, would make it one of the largest storage facilities in both Italy and Europe. The key to profitability here would be building a long-term partnership on the project. The company believes the first stage of this will be online in about five years. At the moment, Independent Resources is partnering with ERG Rivara Storage srl, a subsidiary of ERG SpA, a leading Italian energy business. Another business IRG is investigating is creating "shale gas". "Shale gas", an exploding trend in the United States, can be contained in not only coal beds but also in sedimentary rock, called carbonaceous shales, where the gas collects in micro-structures and fractures, is relatively easy to extract and can be extracted horizontally or vertically. Independent Resources are involved in another, more limited coal bed methane from the Fiume Bruna parcel in Tuscany. It is quite an extensive project and is expected to extend south into their Casoni lease. It is a large reservoir and is also based on earlier mining efforts in the region which have substantial upgraded the reservoir's size. In an effort to inject some environmental consciousness into this project, Independent Resources believes it will be able to inject CO2 into a coal bed to recover gas that would remain otherwise trapped. IRG believes there are many opportunities for this to be used to help cut the amount CO2 in the air. As an oil developer, IRG holds an 18.97% percent interest in the Ksar Hadada block in Southeast Tunisia and it believes that recent discoveries of light oil in various structures will prove profitable from its Acacus well field in this area. IRG believes there is substantial profit from possible shale oil deposits in this area as there is believed to be significant "shale oil" (oil trapped in layers of shale) that may also be brought online. Independent Resources is an oil and gas exploration company with a focus on CBM and gas storage opportunities in Italy and a share of oil exploration activities is Tunisia. The company should be considered a good strategic investment. Italy is in gas deficit, Independent has gas and, perhaps more notably, is seeking to develop strategically important storage facilitates that will help temper future gas shortages and ease security of supply. The valuation looks underwritten by CBM assets with further upside in the form of very near term Tunisian exploration and potentially, game changing upside if it is able to finally secure permitting for its proposed Rivara gas storage operation. Better Politics Could Lead Italy Towards a Technologically Advanced Energy Market Italian Prime Minister Letta took an open-minded approach towards new energy resources, including shale gas, and we hope to see improvements on the technical investigation front in the coming months too. Do you know of any shale gas projects in Italy? The Independent Resources PLC project in Tuscany should be the only unconventional gas extraction project under way to date. It is believed that, besides Central Italy, there may be resources in the North (the Po Valley) and probably in other areas. However, deeper investigation is needed through specific studies. Regarding the first experiments carried out in Tuscany, the press has mentioned that Independent Resources PLC uses a "hydraulic fracture operation coupled with a ceramic proppant. What is the regulatory framework for shale gas operators in Italy? Are there any specific laws applicable only to shale gas operators (and not to companies involved exclusively in conventional gas activities)? There are no specific regulations concerning shale gas in Italy. ¾ CBM news: Recent news on the CBM front has been extremely positive. Not only did this confirm very gassy coal but also suggests shale gas potential and the ability to frac both zones enhancing their potential commerciality. In addition new licence applications could double the size of resource from around 92bcf currently. A minor negative is that the additional zone will necessitate a new work programme and move back production but this is largely positive as such a programme will aim to enhance the production rate and therefore value of the resource. ¾ Free carry on Tunisian exploration: IRG has an 18.97% interest in the Petroceltic‐op Ksar Hadada permit, onshore Southeast Tunisia. The Ksar conventional oil targets have prospective* resources of 320mmbls, with a risk weighted potential of 43.7m for the first two wells (see section following). Seismic data completed in January identified a number of prospects and 2 (potentially 3) exploration wells are planned for this year, the first of which is due to spud in June/July this year with a second to follow immediately after. Independent is fully carried through the 2010 work programme. ¾ Storage, the long and winding road: Permitting in Italy is well known to be extremely protracted. When it involves a unique gas storage installation in Italy's industrial heartland, as in the case of the Rivara Under Ground Gas Storage, there are even more boxes to be ticked. The prize though is substantial; the company estimates the post planning prospect to be worth 300‐400m. The pre‐planning involvement of Italian national distributor ERG greatly enhances the potential and provides a benchmark for valuation of c.63m (c.£53m) ‐ extrapolating the implied value of the 9.5m paid for its 15% stake. ¾ Supportive management: Exec Chairman Grayson Nash holds c.15% of the company and, as in past rounds, has supported the placing purchasing 200k shares. ¾ Valuation: For now we value the company predominantly on the CBM and a typically risked valuation for Tunisian exploration. We include very little value for the gas storage which offers considerable 'post‐planning 66.7p CBM; 61.5p Tunisia exploration; 14.6p gas storage Valuation overview Category £m Value Value P/psh Tuscany CBM 30.5 66.7 Rivara Gas Storage 6.7 14.6 Tunisia Exploration 28.2 61.6 Totals/Price target 65.4 143.0 Potential Share price Catalysts Independent has potential for newsflow in relation to each of its 3 arms; Exploration, Tunisia: News on advancement and results of exploration in Tunisia, first up Oryx CBM, Tuscany: Advancement of work programme potential farm‐out of CBM assets Gas Storage, Rivara: Granting of licences for gas storage in Rivara would have a material impact on valuation in our view CBM Medium term, with excellent well recent results IRG's CBM acreage is located in Tuscany. Independent was awarded the Casoni exploration licence adjacent to the south of Fiume Bruna with the environmental impact study for the Casoni licence currently under review. Fiume Bruna has a prospective resource of 92 bcf. Independent has recently conducted hydraulic fracturing on the Fiume Bruna 2 well which yielded very positive results, suggesting a greater resource and an additional shale play. The work programme is aimed at proving the commercial prospect for Fiume Bruna this year and recent fraccing results suggest greater potential than originally envisaged. We have ascribed 66.7p of value of for the CBM assets, which accounts only for the licenced acreage. We ascribe 83p per mcf of value for the assets and apply a 50% risk discount which also incorporates some dilution for farm out (which now seems likely). Tunisia Exploration near term, with significant high risk exploration upside potential The Tunisian prospects are attractive late stage exportation opportunities with relatively high possibility of success (PoS) of >30%, which though still high risk is relatively attractive in terms of exploration. Two prospects are to be drilled this summer. The first prospect is Oryx (well scheduled to spud immanently). Oryx has P50 gross prospective recoverable resource estimate of 25mmbls and an ascribed possibility of success at 34%. Drilling the second and larger Sidi Toui prospect is expected to follow immediately. Sidi Toui has a P50 gross prospective recoverable resource estimate of 88mmbls and a higher PoS 40%. We have been fairly conservative in our means of valuation for Tunisia. Firstly, we have only valued the 2 initial wells set to spud this summer and not the wider prospect, in so doing ignoring a further prospective 207mmbls. Second, while we have used the appropriate PoS ratios (34% & 40%) we have ascribed a low value per barrel of £3.4 (a low NPV per barrel) to arrive at our in‐situ valuation of £28.2m net to IRG or 61.5p per share (£148.6m in total for the two prospects). To provide an indication of potential upside (as discreet to valuation which must always be appropriately risk weighted) on and un‐risked basis the same methodology would suggest £72.8m of value net to IRG or c.160p per share Rivara Gas Storage very attractive Rivara's working capacity, estimated at c.113 bcf would make it one of the largest underground gas storage facilities in Europe. The value of gas storage assets can really be attributed to the differential between winter and summer time gas pricing i.e. a hedge on buying gas in the summer and selling it at better pricing in the winter. Thus simplistically the summer winter differential x the number of storage units costs = potential value of gas stored, which can then be appropriately ascribed an NPV valuation. In truth ultimately this is more a utility infrastructure play and we would expect a farm out down the lone for the heavy capex phase of the project thought to be around $400m. The company has advanced its planning application to within two stages of completion but with the 120 days timescale for the first already passed, timing for an eventual decision is really anybody's guess. While we have focussed on the risk, it is also appropriate to mention political will behind the project. With Italy, heavily import dependent for its gas (with Algeria and Russia supplying around 33% combined) prone to blackouts and security of supply is a key issue. A recent letter from Prime Minister Berlusconi specifically outlined the strategic importance of the Rivara storage project. With 300‐400m value the gas storage assets are potentially the most valuable of the company's three main assets, but of course are largely worthless without permitting. Thus we have taken a cautious view, discounting the value implied by the ERG deal by a massive 85% to account for the regulatory risk. It is not difficult to envisage the much geared impact merely removing that risk (which would immediately be warranted following approval in our view). The pre‐permitting undiscounted value per share is around 97p and merely accounting for the pre‐planning transaction value, the true value of the project post planning is likely to be multiple but this still looks some way off. Even following approval, there will be a two year appraisal period including 3D seismic acquisition. |
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