23/01/2007
Imperial Energy says new oil reserves in western Siberia have increased its total 41 per cent to 321 million barrels.
AIM-quoted Imperial cites a report by independent specialist DeGolyer and MacNaughton that identifies new industry-standard reserves of 93 million barrels at the Kiev-Eganskoye field in Block 80, western Siberia. Chairman Peter Levine comments: ‘The 41 per cent increase in proven and probable (2P) reserves to a very significant 321 million barrels comes from only one field in a small part of Imperial’s overall interests and is a clear demonstration of the extent of the company’s asset base.’
London-based Imperial, which is focused on the Russian Federation, has set itself a production target of 25,000 barrels a day by the end of 2008. The company plans to drill 30 production and appraisal wells and ten exploration wells this year, as well as building 200 km of pipelines and oil processing facilities.
Floated at 25p in 2004, Imperial’s shares soared to £10.90p last May, when Growth Company Investor suggested partial profit-taking at 833p. They rallied 92p this morning to 729p and could be well-placed to outperform.
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