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.

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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%.

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