> http://www.investegate.co.uk/Article.aspx?id=200804020701443743R
http://www.imperialenergy.com
http://www.investegate.co.uk/Article.aspx?id=200807040700042799Y




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cyril

Got to go out to an antiques auction for hour or two. Hopefully we will have a detailed rns from the company, then everything will be rosey in the garden again.

it won't be that good, but no doubt IEC or the Russian govnt will have to respond further to the RNS i posted above

The company will issue a full and correct statement shortly, with more detail.
cyril

sorry it's a bit long .... typical Russian pressure being applied - see the last line!

Imperial Energy Corp PLC has denied a press report claiming five of its licences have been annulled by the Russian resource use regulator Rosnedra.

Russian news agency Interfax today reported, quoting a statement from the Natural Resources Ministry, that Rosnedra cancelled three licenses held by Imperial unit Alyansneftegas and a further two held by another unit, Sibinterneft.

The Alyansneftegaz permits will expire in December this year and the Sibinterneft licences on March 2008.

'Imperial Energy states that no licenses have been withdrawn,' the company said in a statement.

Imperial pointed out certain licenses referred to by the Ministry have been relinquished by the group two years ago due to 'lack of prospectivity'.

It also rejected accusations by the Ministry that some of the projects, operated by Nord Imperial LLC, were behind schedule.

'The statement issued by the Ministry of Natural Resources... is materially misleading with significant factual inaccuracies,' the company said.

The news came a day after Imperial revealed the Russian Commission For Natural Resources Reserves (GKZ) has confirmed and approved the oil and gas reserves for the group's Sredneglukhovskoye field in western Siberia.

GKZ's approved reserves for the site -- located on Block 70 in the Tomsk region -- totaled 39.7 mln barrels, better than the 25 mln barrels of proved and probable reserves estimated by independent auditor DeGolyer and MacNaughton at end-2006.

The approval, which sent Imperial's shares soaring by as much as 15 pct on Wednesday, will allow the company apply for a commercial production licence for the field.

However, Interfax claimed, in a separate article, that GKZ is reviewing the reserves data submitted by Imperial.

i was a good boy and avoided being too greedy ... sold the "extra" i bought this morning at a tasty 50p clear ... wish i could always pull that sort of trick!

As promised robust defence this morning, perhaps this will help cut out the nonsence towards IEC ?
cyril

it should rather than will do ...... am still glad i banked yesterday's day trade as i really was over-exposed, whereas am now just a bit o'weight

very encouraging to see sp recovering to day to finish comfortably back over 200 dma .... on the assumption that Wall Street does not disembowel itself later this evening, which is looking unlikely, there could be (much) more to play for next week

Cynic, humility..."wish i could always pull that sort of trick! "

i am indeed ever-so 'umble good sir

Just read a poorly translated script concerning IEC and the latest nonsence.
It appears that IEC are not letting it go, and are demanding a retraction
by the ministry responsible?
cyril

If schroders are buying more thats a good enough hold signal for me.

though rsi is starting to, look marginally toppy, sp is performimg exceptionally well .... note the bounce straight off 200 dma ...... plenty of upside, but obviously not in one leap

some minor resistance possible or even likely at 1085/1100 ..... see chart below

If we get through 1100 then were on are way to 1220 IMO

didn't even pause for breath at 1100 ...... now what? ...... either profit taking to follow or more good news; take your pick

Excellent performance today, providing we dont here anymore from the the ruskies in the near term i cant see any reason why this won`t continue back up to 15. IMO
Stay over weight if i was you cynic!

oh i am, though still know i was right to trade the other block i mentiond ..... that would have been too silly and greedy to keep holding

have now top-sliced 1/3 at 1123 as sp surely needs a breather after the recent rise ...... in any case, FTSE is also getting quite heady and could easily be heading for a correction, so would expect to be able to repurchase at a lower level.

i think it is very possible that sp could come back to challenge the rising 200 dma - currently 1045

Director buying @ 11.90 always good to see

below is this morning's bullish rns ..... though i accept the additional reserves are still hypothetical, it is common to see oil stocks move significantly on much less info than this!

Imperial Energy Corp PLC said it sees a potentially significant increase in the quantity of recoverable reserves from its Kiev-Eganskoye Field in the Tomsk region in Western Siberia after the 3D-seismic study conducted by independent seismic company Bashneftgeophysica.

The new 3D seismic data shows the 11 wells drilled during Soviet times, did not even penetrate the main part of the Kiev-Eganskoye structure.

The company said reinterpretation of the data from these wells, combined with the new 3D seismic results, indicate the presence of three new reservoirs not previously identified in Imperial's reserve estimations, highlighting the potential for significant increases in the quantity of recoverable reserves.

The preparation for work in the Kiev-Eganskoye field continues with both pipeline construction and commencement of drilling of several wells planned to commence on schedule this winter, the group added.