25 May 2012

IRG surges on Italy hope

20/06/2011 Miles Nolan

Shares in Independent Resources (IRG) have surged by more than 50 per cent today, on reports in the Italian press that it has received the green light for its major gas storage project.

The AIM listed firm plans on developing the Rivara underground storage site in the Po Valley, Northern Italy - in a deep and highly fractured limestone structure. Unfortunately the project has taken longer than anticipated, following an exhaustive consultation process with the government in which it is seeking environmental approvals.

In the Gazzetta di Modena publication there have been recent stories on the Rivara project, and the DIRE wire service broke the news on Friday that the Environmental Impact Assessment Commission, the decision making body of Italy's Ministry of Environment, had given the green light for the project.

IRG has yet to hear confirmation but has re-iterated that the project, if successful, would contain an estimated 3.2 billion cubic metres of gas, a situation that would boost effective working capacity by 20 per cent. There is a massive need in Italy for new gas storage facilities, following winter supply shortages and significant supply disruptions. In addition, major Italian energy group ERG owns a 15 per cent stake in the project.

IRG also has exploration interests in Tunisia, where it awaits permit renewals. Results for the year to September 2010 revealed a hike in losses to £2.16 million (2009: £672,820), as net cash fell 26 per cent to £3.9 million. With no confirmation of the suggested approval in Italy, the rally this morning has sent the shares surging 58 per cent to 46p, valuing IRG at £21 million. Speculative.

Tags: AIM market, Gazzetta di Modena, Rivara gas storage, Shares surge, Tunisia

Sector: Oil & Gas Producers

Companies: Independent Resources

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