> 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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img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=IEC&Size=700&Skin=BlackBlue&Type=2&Scale=0&Span=YEAR1&MA=&EMA=&OVER=&IND=&XCycle=&XFormat=&Layout=2Line;Default;Price;HisDate&SV=0">
cyril

Nice one cyril. Bet you were expecting a relaxing sunday!

Cynic, are you shorting this as a hedge against your equity holding?

no

bit rock and hard place syndrome ..... chart is now pretty horrid and being sold off, along with the rest of the market, but not a good policy to sell into a weak market if at all pos.

Sold out earlier, in the nick of time and bought PFC....

Their was a piece yesterday in the S/times saying that the USA are now in recession, for me that was a pointer and reduced several of my holdings. I think
the DOW performance will be most importent today as if it tanks i can see a sharp
downturn in our market, along with the CFD'S March due and the end of the tax year its a iffy time.
For me IEC the Goldman Sach's report did them no favours,so for me short
term prospects lay in the success of the Kazakhstan well which had oil shows,
due at the end of the month. A positive result would be a real boost as the tax
is a lot more friendly to the likes of IEC,so fingers crossed for investors.
But in the meantime the main question is the support level,so for me i will
look from the outside.
cyril

obvious levels appear to be just above (or at) 1200 (200dma) or congeston zone from last year at 1100....

Oil short of the day !

Looks like the Deutsche Bank has been accumilating?
http://www.investegate.co.uk/Article.aspx?id=200803101605167648P
Having reread the operations update it appears that news from Kazakhstan is
expected late May(not March).
cyril

Its crap really this share business! Not that i sold out yesterday,I hung in there, But all it lost yesterday has returned today. Youve really got to have balls and not panic and look past the big moves in the prices in one go. Sorry to witter on!
Good Luck all out there.

blanche - you had of course registered that bounce was from 200 dma, though may struggle to break back through 25 + 50 dma marks

Quite nicely anticipated, me thinks...:) still decided against holding earlier when chance presented itself....

Nice to see a turn around today, i wonder if the Deuche Bank buying helped?
Could go a lot higher tomorrow if the Dow is anything to go by, up over 300pts
almost 350 at one point but settling down.
cyril

Some cheer for holders.
http://www.investegate.co.uk/Article.aspx?id=200803170701502072Q
cyril

Euhhh..Goldman Sachs ...what were they saying...go by brokers and half the time they get it wrong...and those are full time experts !

This may have upset the apple art?
http://news.bbc.co.uk/1/hi/business/7306007.stm
cyril

Not in but it's dropping....everythings nuts at the moment !

Apologies in advance for being off topic, but just read that article and got side tracked, i clicked on a link on the page about sex on a plane - is it legal? and i was shocked to read the following...
quote
"Janet Jackson and Richard Branson are self-confessed members of the "Mile-High Club" and Ralph Fiennes may have joined them."
I would never have imagined the three of them all together in a cubicle. The mind boggles...!

What on earth has happened here...Cynic will fall off his chair !, ( I nearly did as well) !

gulp!!
IEC are raising $600m

Imperial Energy Corporation Plc. said it has entered into an agreement with Hoare Govett Ltd. and Merrill Lynch International for a standby equity underwriting commitment of up to $600 million in an attempt to secure funding for the group's oil drilling programme until next year.

Imperial said it has decided to undertake a 'material equity issue' after other debt financing options proved difficult to secure because of the current state of the debt markets and the company's relatively short history of production.

'We are disappointed that the current state of the debt markets has prevented us from funding our development programme as we had planned, but we have now put arrangements in place independently of the banks to fully fund our existing long term plans to the point where we should generate positive cash flow,' said chairman Peter Levine.

The group's work programme will cost around $350 million for 2008 and $250 million for 2009, Imperial said, adding it remains on track to achieve its production targets of 25,000 barrels per day by the end of the year and 35,000 barrels by end-2009 despite disappointing volumes over the past two months.

Technical and logistical issues cut the group's average production in the first quarter to around 7,000 barrels a day but Imperial is confident output will 'significantly bounce back' in April.

not quite sure what to make of that .... on the one hand, IEC have secured funding ($600m would look to be about 5% of current market cap), though i dare say they paid more for it than they hoped .... on the other hand, Q1 production is obviously poor, though i don't know what was expected.