ECHO.L Regulatory News (ECHO)

21 Apr 2008 07:01

Independent Resources PLC21 April 2008 Schlumberger selected to oversee planned development of Rivara gas storageproject AIM-quoted Independent Resources plc, the gas supply and exploration companyworking to ease supply shortages in Europe, has appointed Schlumberger to adviseon the planned development of its underground gas storage facility at Rivara innorthern Italy. Once environmental approvals are in place, Schlumberger has agreed to undertakeproject management and reservoir appraisal and development services at Rivara, adeeply buried fractured limestone structure ideally suited to efficient gasstorage thanks to the presence of an active aquifer that can provide constantnatural water drive. Rivara is also located next to the balancing zone that ties Italy's gastransmission network into trans-continental pipelines, further enhancing itslong-term strategic potential. IRG is planning the Rivara development followingsevere mid-winter gas supply disruptions. There is evidence of not only aprolonged shortage of gas storage volumes but also of a shortfall in peakdeliverability, both of which continue to inhibit an efficient gas market inItaly. IRG Executive Chairman Grayson Nash said: "We regard Rivara as cruciallyimportant to Italy's existing transmission network and to the development of aSouthern European physical gas trading hub. So we are aware of the need to wedworld-class project management skills with superior technology to ensure we andour future partners develop the safest, most reliable, and highest-performancestorage facility in Europe." It is expected that Schlumberger will commence by characterising andconstructing an integrated model, before moving forward to oversee drillingoperations and data acquisition, recommend best practices, and optimise theproject's development. IRG is currently working with the Italian authorities to secure the necessaryenvironmental permits ahead of the planned development of Rivara. For further information contact: Stephen Staley, Managing Director, Independent Resources plc: 01332 865 253 07771 838 753Allan Piper, First City Financial Public Relations: 020 7242 2666 This information is provided by RNS The company news service from the London Stock Exchange