North Africa Focused Independent Resources to Raise Funds to Expand Footprint

North Africa focused Independent Resources (IRG) plans to raise £800,000 via share placement to fund its expansion plans in the region.

Independent Resources, through a wholly owned subsidiary, currently holds a 86.345 per cent interest in the Ksar Hadada gas exploration permit covering an area of 2,252 square kilometres onshore south-east Tunisia.

The proceeds used towards revised strategy to focus on reviewing advanced opportunities in Egypt, fund Ksar Hadada licence costs and general working capital, the company said.

The licence period for Ksar Hadada was recently extended by the Tunisian authorities from 16 April 2016 to 7 August 2016.

“IRG's wider strategy is to build a portfolio of Mediterranean basin based production assets. Its primary focus remains Egypt where there are significant opportunities for the company,” the company said.