13/01/2006
AIM star Imperial Energy says testing at its Festivalnaya 252 well in Siberia could add 22 million barrels to reserves.
Imperial says oil has been discovered for the first time in the Lower Cretaceous section of Festivalnaya 22 at Nord Imperial in the Aikagalskaya field in Block 69 of Western Siberia's Tomsk region. 'Provisional estimates' suggest this find could add 22 million barrels, or nearly ten per cent, to Imperial's existing 228 million barrels of recoverable reserves.
Chairman Peter Levine comments 'this discovery confirms that there is significant potential for new Imperial discoveries in horizons that have hitherto not been tested'. Floated at 25p in 2004, Imperial shares now stand at 560p, up 50p today, valuing the company at £221 million.
Some profit taking looks prudent, but Imperial is likely to have more mileage yet.
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| LSE | £1011.69m |
989.50p
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-5.50p
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