> 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

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.

Hope you guys were 'short' on this one. I had read somewhere recently that they would be fundraising - good luck!

Well Toya...I'm not in...not even a short....and missed the bottom for the rebound !

IEC is a sell now no doubt.

not sure you are right ..... initial dump was MMs taking a defensive position ..... presume the analysts will have something to say .... hope it is generally polite at least!

I shall have to listen to Goldman Sachs more often...do they release on vinyl ?

26% down and dropping...I must say that it now looks like an 8 stock....might be tempted in if I can see the bottom !

Now we know why one of the bigwigs sold a lump of stock a few months back !

Peter Levine (chairman) sold 1.5million shares @16.75 in january . Which way is the exit!!

I've added the latest news to the header. SP showing some sort of recovery?
cyril

IEC ends at 900p the lowest level of the day which shows that it has not bottom out yet. Director selling has not create confidence.

Even though it's up to 935 at the moment...it might pull back down into the 880p area.

Well it's gone the other way...!

Perhaps I spoke too soon...if there was another drop...I reckon there would be support around the 850p area...I'm going by the chart...we shall see !

be surprised if iec does not end the day comfortably over 930 and continue bouncing for a while to resume around 1200 + before the summer:

Disquiet over hefty dilution is understandable but, even counting this, Imperial still trades at a discount to a conservative reserves-based valuation. The shares are good value at 940p.

Could be heading into the 8 Pound area now !

good to see confidence in this one! anyone would have thought they had a bad day yesterday!!