Last checked at 21 Dec 2010 15:37
Independent Resources plc
("IRG" or "the Company")
RESULT OF AGM
Independent Resources plc (IRG:L) is pleased to announce that all resolutions proposed at its Annual General Meeting at 11am in London today, 21 December 2010, were duly passed.
For further information, please visit www.ir-plc.com or contact: | ||
Grayson Nash | Independent Resources plc | +39 06 4549 0720 |
Simon Hudson | Tavistock Communications | 020 7920 3150 |
Lydia Eades | 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 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 an important project. IRG characterises Rivara as a much-needed infrastructural investment in an under-supplied market.
IRG was admitted to AIM in December 2005 and, alongside its exploration interests in Tunisia, where operations are ongoing, 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.