Independent Updates Ribolla CBM & Shale Gas

In reporting year-end results, Independent Resources plc., provided an update on its Ribolla Basin coal-bed methane and shale gas assets in Italy.

Grayson Nash, Executive Chairman of Independent, told shareholders of the company'  intention to involve a partner with specialised expertise in unconventional gas rather than to continue these operations alone.

In June 2010, the company upgraded its gross prospective estimates of in-place gas and recoverable gas to 8.6 BCM (300 BCF) and 4.6 BCM (160 BCF) respectively, which includes both the Fiume Bruna and Casoni blocks.

The play was  reclassified from "CBM" to "shale gas" after concluding that the Ribolla Carbonaceous Sequence (including the coal and the overlying and underlying shale) responds more like a gas shale than a classic high permeability CBM coal.

Independent it is seeking is a third-party evaluation of Ribolla's hydrocarbon potential, estimation and classification of reserves to be recovered, production forecasting, and a general appraisal of the property for prospective farm-out.

This evaluation will form the basis for the company to produce a marketing document with a view to securing an attractive joint venture partnership to appraise and develop this acreage and to realize Ribolla's full potential.

Source: Independent Resources plc.