As a result, it has decided to delay the start of drilling which - as announced in its interim results for the period ended March 31, 2006 - was originally scheduled for the current quarter, pending a reappraisal of the most appropriate drilling strategy.
The new data has been supplied by Tunisia's state oil company Entreprise Tunisienne d'Activites Petrolieres (ETAP). IRG holds a 40% stake in the exploration permit.
IRG Chairman Grayson Nash said: "While it is disappointing that we cannot start as early as we would like with our planned well, we are delighted to have received new information that is providing a clearer picture of existing and possible new prospects at Ksar Hadada. We are looking forward to re-appraising the best way forward, and hope to agree a new timetable without too much delay. We believe we have a highly prospective licence area and we are especially keen, in the current global environment of high drilling costs, to optimise any drilling campaign."
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