Imperial Energy receives bid approach from ONGC - Russia
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While Imperial Energy’s official line was to confirm that it has received a bid approach, but not name the potential bidder, it was left to the Times of India to reveal that ONGC was in talks to form an alliance with the company. Imperial Energy operates in the Tomsk region of Western Siberia and north-central Kazakhstan. The board of Imperial subsequently confirmed that it is in discussions in relation to a possible cash offer for the company at a price of 12.9 UK pounds sterling per share. Imperial’s assets are typically underdeveloped discoveries from the Soviet era, during which time drilling technology, workover methods and reservoir testing techniques were limited. To maximize the potential of these assets, Imperial is employing the latest fraccing and stimulation techniques. The company reached a production rate in excess of 10,000 bo/d in December 2007 and is targeting to raise this to 80,000 bo/d by year-end 2011. The Russian Ministry of Natural Resources says Imperial’s Russian Registered Reserves amount to approximately 450 MMb of hydrocarbons. Independent assessment of the reserves by DeGolyer and McNaughton in December 2007 suggested 2P reserves of 920 MMboe.
This article is extracted from International Oil Letter, Vol 24 issue 29 dated 21st July 2008.
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