Independent Resources doing lambada on approval for Rivara

The Italy focused gas company, Independent Resources (IRG), has seen its share price rocket 17% this morning on news of government approval for the "appraisal phase" of its Rivara project in the Po Valley.

IRG wants to build a large gas storage facility underground at the site to alleviate Italy's gas supply disruptions during the winter.

The Company expects to receive the signed, ministerial decree confirming the approval early in 2012 after the holiday season.

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It characterises the project as "a much-needed infrastructural investment in an extremely under-supplied market."

Of course, IRG would say that, but with the Rivara site located at the hub of Italy's gas transmission system, the scheme does have a certain logic.

At 9.34am the stock was up 17.11% at 44.5p. Over the year to date IRG is down 3.83%.

BS