Business
Adviser appointed
Adviser appointed.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n Independent Resources PLC\n21 April 2008\n\n\n\n\n\nSchlumberger selected to oversee planned development of Rivara gas storage\nproject\n\n\nAIM-quoted Independent Resources plc, the gas supply and exploration company\nworking to ease supply shortages in Europe, has appointed Schlumberger to advise\non the planned development of its underground gas storage facility at Rivara in\nnorthern Italy.\n\n\nOnce environmental approvals are in place, Schlumberger has agreed to undertake\nproject management and reservoir appraisal and development services at Rivara, a\ndeeply buried fractured limestone structure ideally suited to efficient gas\nstorage thanks to the presence of an active aquifer that can provide constant\nnatural water drive.\n\n\nRivara is also located next to the balancing zone that ties Italy's gas\ntransmission network into trans-continental pipelines, further enhancing its\nlong-term strategic potential. IRG is planning the Rivara development following\nsevere mid-winter gas supply disruptions. There is evidence of not only a\nprolonged shortage of gas storage volumes but also of a shortfall in peak\ndeliverability, both of which continue to inhibit an efficient gas market in\nItaly.\n\n\nIRG Executive Chairman Grayson Nash said: 'We regard Rivara as crucially\nimportant to Italy's existing transmission network and to the development of a\nSouthern European physical gas trading hub. So we are aware of the need to wed\nworld-class project management skills with superior technology to ensure we and\nour future partners develop the safest, most reliable, and highest-performance\nstorage facility in Europe.'\n\n\nIt is expected that Schlumberger will commence by characterising and\nconstructing an integrated model, before moving forward to oversee drilling\noperations and data acquisition, recommend best practices, and optimise the\nproject's development.\n\n\nIRG is currently working with the Italian authorities to secure the necessary\nenvironmental permits ahead of the planned development of Rivara.\n\n\n\nFor further information contact:\n\n\nStephen Staley, Managing Director, Independent Resources plc: 01332 865 253\n 07771 838 753\nAllan Piper, First City Financial Public Relations: 020 7242 2666\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","len...