ECHO.L Regulatory News (ECHO)

9 Aug 2007 07:30

Independent Resources PLC09 August 2007 Independent Resources plc ("IRG" or "the Company") Rivara Update Independent Resources plc, the AIM-quoted natural gas storage and explorationcompany, is preparing to submit further information to the Italian NationalGovernment commission considering environmental clearance for its plannedunderground gas storage facility at Rivara in northern Italy. It follows a formal request from Italy's Ministry of the Environment foradditional data following an earlier submission of environmental and technicaldata by IRG last June. The Ministry said that it was not yet possible to reach adecision on the Environmental Impact Assessment, pending the provision of thenew information. The Environmental Impact Assessment is similar in many ways to the UK's planningprocess and is designed to create public exposure as a means of ensuring thatplanned projects are compliant with environmental and regulatory requirementsand viable within those parameters. Although the process is expected to stretchacross several more months, this in part reflects IRG's commitment to fullcompliance with all of the necessary environmental and planning requirementssurrounding the planned development at Rivara. IRG Chairman Grayson Nash said: "For obvious reasons, we are the first to beinterested in the environmental and safety aspects of the Rivara project, and weare pleased to be able to supply whatever data are necessary to satisfy thenecessary planning and social requirements." Once the new environmental and technical data now requested have been submitted,the assessment procedure can commence, and must then be completed within 90 daysunless still further particulars are required. Italy's Ministry for Economic Development has identified the country's lack ofsufficient gas storage as one of the primary reasons for the dramatic energysupply problems of recent winters. Government representatives have indicatedpublicly that a decision on Rivara would be made this year. IRG has engaged Italy's Banca Intesa San Paolo to advise on negotiations withparties seeking to take a stake in the planned Rivara development. That movefollowed approaches from major integrated and non-integrated gas majors keen tobecome key participants in the underground project. For further information contact: Stephen Staley, Managing Director, Independent Resources plc: 01332 865 253 07771 838 753 Allan Piper, First City Financial Public Relations: 020 7242 2666 This information is provided by RNS The company news service from the London Stock Exchange