Independent Resources PLC
25 June 2007
Independent Resources plc
Update on Rivara
Independent Resources plc has engaged Italy's Banca Intesa San Paolo to advise
on negotiations with parties seeking an interest in its planned gas storage
project at Rivara in northern Italy.
The appointment follows an update last month which disclosed that IRG has
received approaches from major integrated and non-integrated gas majors keen to
become key participants in the underground facility at Rivara.
IRG said it was reviewing the approaches, and did not exclude the possibility of
an early-stage strategic partnership. The company added that a strategic partner
would enhance its own resources, freeing it to allocate them more evenly across
all of its projects.
Rivara is located at the central point of Italy's gas supply system, and IRG is
aiming to develop the project against the backdrop of Italy's urgent demand for
new gas storage facilities following recent winter supply shortages. The company
is currently working to ensure full compliance with Italy's stringent
environmental and planning regulations.
This includes steering the plans for Rivara through the complex 'VIA' permitting
process, to ensure that the project meets the requirements of all of the
stakeholders and government interests involved, at local, regional and national
level. Rivara is potentially Italy's largest gas storage facility in terms of
working gas capacity, and Government representatives have indicated publicly
that a decision on the planning applications will be made this year.
IRG Executive Chairman Grayson Nash said the company remained confident that
Rivara is set to become a vital and reliable centrepiece for Italy's security of
supply.
The new advisory agreement has been established between IRG's wholly-owned
subsidiary, Independent Gas Management srl, and Banca IMI, the investment
banking division of Banca Intesa San Paolo.
For further information contact:
Independent Resources plc
Steve Staley, Managing Director 01332 865 253
07771 838 753
First City Financial Public Relations
Allan Piper 020 7242 2666
Deloitte Corporate Finance
David Smith 020 7936 3000
This information is provided by RNS
The company news service from the London Stock Exchange