Independent Resources () has told investors that a number of interested parties are currently considering a partnership in the Ksar Hadada project, in Tunisia.
An ongoing farm-out process is being marketed by Envoi, a number of interested third parties are evaluating the project and the data-room remains open to other potential partners.
Ksar Hadada is estimated to have some 108mln barrels of recoverable resources.
The company highlights the terms of the Ksar Hadada production sharing contract (PSC) - which was originally devised in 2003, when crude oil was priced at US$30 - are favourable still in the current environment.
The PSC sees contractor receiving 45% of oil sales proceeds as 'cost oil' and up to 40% of the 'profit oil'.
So, off the back of an envelope, based on an oil price of US$60, the contractors would receive about US$39 per barrel (with US$26 for cost oil, and US$13 from profit oil).
Securing a farm-out for Ksar Hadada is the priority for IRG, though the company is now also assessing new opportunities to add projects and build a portfolio.
"The current oil price environment and IRG's experience in the industry and region has offered up a number of new and exciting potential investment opportunities," IRG said in a statement.
"The company is actively reviewing a number of these opportunities and will look to update the market as and when appropriate."
IRG has hired City broker Brandon Hill Capital as its new joint broker.
Oliver Stansfield, Brandon Hill chief executive, said: "We are pleased to have formalised our relationship with Independent Resources Group and look forward to assisting the management team in executing their investment strategy to build a company of scale focused on the Mediterranean basin, especially North Africa."