ECHO.L Regulatory News (ECHO)

25 Jun 2007 07:01

Independent Resources PLC25 June 2007 Independent Resources plc Update on Rivara Independent Resources plc has engaged Italy's Banca Intesa San Paolo to adviseon negotiations with parties seeking an interest in its planned gas storageproject at Rivara in northern Italy. The appointment follows an update last month which disclosed that IRG hasreceived approaches from major integrated and non-integrated gas majors keen tobecome key participants in the underground facility at Rivara. IRG said it was reviewing the approaches, and did not exclude the possibility ofan early-stage strategic partnership. The company added that a strategic partnerwould enhance its own resources, freeing it to allocate them more evenly acrossall of its projects. Rivara is located at the central point of Italy's gas supply system, and IRG isaiming to develop the project against the backdrop of Italy's urgent demand fornew gas storage facilities following recent winter supply shortages. The companyis currently working to ensure full compliance with Italy's stringentenvironmental and planning regulations. This includes steering the plans for Rivara through the complex "VIA" permittingprocess, to ensure that the project meets the requirements of all of thestakeholders and government interests involved, at local, regional and nationallevel. Rivara is potentially Italy's largest gas storage facility in terms ofworking gas capacity, and Government representatives have indicated publiclythat a decision on the planning applications will be made this year. IRG Executive Chairman Grayson Nash said the company remained confident thatRivara is set to become a vital and reliable centrepiece for Italy's security ofsupply. The new advisory agreement has been established between IRG's wholly-ownedsubsidiary, Independent Gas Management srl, and Banca IMI, the investmentbanking division of Banca Intesa San Paolo. For further information contact: Independent Resources plcSteve Staley, Managing Director 01332 865 253 07771 838 753 First City Financial Public RelationsAllan Piper 020 7242 2666 Deloitte Corporate FinanceDavid Smith 020 7936 3000 This information is provided by RNS The company news service from the London Stock Exchange