Business
Response to Rivara press speculation
Response to Rivara press speculation.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7162I Independent Resources PLC 20 June 2011 \n \n\n20th June 2011\n \n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nResponse to Rivara press speculation \n \nIndependent Resources plc (IRG:L) notes recent reports in the Italian media (Gazzetta di Modena, L'Informazione, Modena Qui, Resto del Carlino - all dated 18th June 2011) regarding its Rivara gas storage project in Northern Italy, for which it is currently seeking environmental approvals ahead of planned development. The DIRE wire service first broke the news by stating late on Friday that the Environmental Impact Assessment Commission (\"VIA Commission\") a decision-making body of Italy's Ministry of Environment had voted to allow the project to proceed.\n \nThe Company would welcome this development but has not received any formal confirmation of this event nor any details as regards the VIA Commission's deliberations or prescriptions, if any. The Company is seeking to clarify the media reports and will provide an update once it is in a position to do so. \n \nContaining an estimated 3.2 billion cubic metres (110 bcf) of gas, Rivara's effective working capacity could add over 20% to peak deliverability into Italy's heavily strained supply network during the winter season. The Company has previously drawn attention to Ministerial and regulatory authority statements recognising the crucial importance of the project, in which the major Italian energy group ERG holds a 15% stake, but remains constantly aware of the need to cooperate and comply fully with the needs of all stakeholders. \n \n \n \n\n\n\n\nFor further information, please visit www.ir-plc.com or contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGrayson Nash\n\n\nIndependent Resources plc\n\n\n+39 06 4549 0720\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAllan Piper/Simon Hudson\n\n\nTavistock Communications\n\n\n020 7920 3150\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJonathan Wright/ Stewart Dickson (Corporate Finance)\n\n\nSeymour Pierce Limited\n\n\n020 7107 8000\n\n\n\n\nRichard Redmayne/David Banks (Corporate Broking)\n\n\n\n\n\n\n\n\n\n\n \n\n\nBackground details follow:\n \nIndependent Resources is the planned developer of the Rivara underground storage site located in the Po Valley, Northern Italy, a deeply-buried, highly-fractured...