Independent Resources plc 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.

The 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.

Containing 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.

Tags: Independent Resources plc