Companies: IEC   

An independent audit has increased estimated reserves at Imperial Energy’s Russian oilfields by 150 per cent to 802.6 million barrels.

AIM star Imperial says the reserves audit of 15 of its prospects in the Tomsk region of Western Siberia – carried out by consultant DeGolyer and MacNaughton – puts 159.3 million barrels in the surer P1 category, with 802.6 million barrels in the broader 2P category and nearly 3.4 billion barrels in the more speculative 3P category. Chairman Peter Levine declares the company, which has a targeted production level of 25,000 barrels of oil per day by the end of 2008 and 35,000 a year later, is ‘on track to fulfil our key objectives’.

These include completing the pipelines needed to take Imperial’s oil to market by the end of summer this year. The company says that work is funded and advisers suggest Levine and chief executive officer-designate Christopher Hopkinson will seek debt finance to take Imperial’s projects, all 100 per cent owned, on from there.

Floated at 25p three years ago, Imperial’s shares, which Growth Company Investor recommended in 2005 at 415p, have now reached £11.97p, up 305p this morning and valuing the company at £599.5 million. Partial profit-taking would be prudent, though it could be worth holding on to some in case of further growth.

Imperial Energy Corporation	LSE	£1012.2m	990.00p	0.50p
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Other company articles:
Indian group bids for Imperial Energy			26/08/2008
Bid approach for Imperial Energy			14/07/2008
Price strength persists			28/04/2008
Imperial seeks Russian 'clarification'			19/04/2007
Robert Tyerman’s Exploration Insights			29/03/2007