Last checked at 20 Jun 2011 08:04
20th June 2011
Independent Resources plc
("IRG" or "the Company")
Response to Rivara press speculation
Independent Resources plc (IRG:L) notes recent reports in the Italian media (Gazzetta di Modena, L'Informazione, Modena Qui, Resto del Carlino - all dated 18th June 2011) regarding its Rivara gas storage project in Northern Italy, for which it is currently seeking environmental approvals ahead of planned development. The DIRE wire service first broke the news by stating late on Friday that the Environmental Impact Assessment Commission ("VIA Commission") a decision-making body of Italy's Ministry of Environment had voted to allow the project to proceed.
The Company would welcome this development but has not received any formal confirmation of this event nor any details as regards the VIA Commission's deliberations or prescriptions, if any. The Company is seeking to clarify the media reports and will provide an update once it is in a position to do so.
Containing an estimated 3.2 billion cubic metres (110 bcf) of gas, Rivara's effective working capacity could add over 20% to peak deliverability into Italy's heavily strained supply network during the winter season. The Company has previously drawn attention to Ministerial and regulatory authority statements recognising the crucial importance of the project, in which the major Italian energy group ERG holds a 15% stake, but remains constantly aware of the need to cooperate and comply fully with the needs of all stakeholders.
For further information, please visit www.ir-plc.com or contact: | ||
Grayson Nash | Independent Resources plc | +39 06 4549 0720 |
Allan Piper/Simon Hudson | Tavistock Communications | 020 7920 3150 |
Jonathan Wright/ Stewart Dickson (Corporate Finance) | Seymour Pierce Limited | 020 7107 8000 |
Richard Redmayne/David Banks (Corporate Broking) | ||
Background details follow:
Independent Resources is the planned developer of the Rivara underground storage site located in the Po Valley, Northern Italy, a deeply-buried, highly-fractured limestone structure with inherent geological characteristics that make it ideal for summer gas storage and rapid winter withdrawal, using the benefit of a natural water drive. It is also located right at the hub of Italy's gas transmission system, along the main trunk line corridor from North Africa into Southern Europe.
IRG is aiming to develop the project against a backdrop of Italy's urgent demand for new gas storage facilities, following disruptive winter supply shortages and major supply disruptions. Independent Resources has continued to work carefully within the complex framework laid down by the regulatory and environmental processes in Italy, where Rivara remains a key project. IRG characterises Rivara as a much-needed infrastructural investment in an extremely under-supplied market, and as a project that is relatively insensitive to short-term fluctuations in market conditions.
IRG was admitted to AIM in December 2005 and, alongside its exploration interests in Tunisia, for which permit renewal formalities are pending, is pursuing an integrated gas business in Italy which includes the onshore Ribolla shale gas basin near the north-west coast, and the strategically-positioned Rivara gas storage facility in the Po Valley. The company is focusing on developing both conventional oil and unconventional gas production, and building a profitable portfolio through wholly-owned initiatives and partnerships.