Further Rivara Update
Independent Resources PLC
18 July 2007
Independent Resources plc
Update on Rivara
Independent Resources plc ('IRG'), the AIM-quoted natural gas storage and
exploration company, will today meet with representatives from Italy's Ministry
of the Environment ('MATT') as the next step in its application to develop an
underground gas storage facility ('UGS') at Rivara in northern Italy.
The meeting will be held in Rome to discuss the transparent Environmental Impact
Assessment programme which IRG voluntarily decided to undertake last year in
order to address all environmental, health, safety and social issues of possible
relevance to local and regional interests concerned about the planned
development.
This meeting marks another step forward following lengthy environmental impact
submissions from IRG to MATT over the past 10 months. The meeting will also
include a representative from the Regional Government of Emilia Romagna, the
area around Rivara, who is involved in the environmental impact assessment
process.
The meeting, which is primarily planned to discuss technical issues, is also
expected to cover the status of the permitting process and its likely timing.
As IRG reported with its interim results in May, Italy's Ministry for Economic
Development has identified the lack of sufficient gas storage as one of the
primary reasons for the dramatic energy supply problems of recent winters, which
are not expected to be resolved for several years. Government representatives
have indicated publicly that a decision on Rivara would be made this year.
The Environmental Impact Assessment is similar in many ways to the UK's planning
process and is designed to ensure that planned projects are compliant with
environmental and regulatory requirements and viable within those parameters.
The process is expected to continue for several months and reflects IRG's
commitment to comply fully with all necessary environmental and planning
requirements surrounding the planned development at Rivara.
IRG Chairman Grayson Nash said: 'We fully recognise the wide-ranging concerns of
the local community at its many political and social levels, and remain fully
committed to an approach that fulfils the needs of all the regional
stakeholders.'
Mr Nash added: 'We are of course aware of the concerns currently being voiced in
Italy, which is a normal part of the political process in Italy. It is with this
in mind that we are working closely with officials at all levels of government.
In particular, we are confident we can fully address any and all health, safety
and social issues. Against this background, we remain confident of maintaining
positive progress towards gaining the necessary permits.'
IRG's moves to develop a UGS at Rivara are set in the context of strong
political will in Italy to help alleviate the recurrent winter energy crises
that have been afflicting the country. Increasing the level of underground gas
storage capacity is seen as a key component to the solution. Rivara is located
at the crossroads of major gas pipeline infrastructure in the Po River valley
which is likely to become the future hub of Southern Europe's rapidly-developing
gas motorway. Rivara utilises a fractured limestone formation lying deep
underground in a saline aquifer under an impermeable seal, where gas can be
injected and withdrawn from naturally existing fissures in the rocks. Rivara
therefore utilises a common technology found and successfully operating in many
gas producing and consumption markets, but would be new to and complement
Italy's existing infrastructure
IRG last month announced it has engaged Italy's Banca Intesa San Paolo to advise
on negotiations with parties seeking to take a stake in the planned Rivara
development. It followed an earlier disclosure that the company has received
approaches from major integrated and non-integrated gas majors keen to become
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
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