> 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

http://www.investegate.co.uk/Article.aspx?id=200806020700067000V

Try this ......


Shares in Imperial Energy Corporation Plc. jumped higher midmorning after announcing its first new oil discovery at its Kiev Eganskoye field, while UBS raised its price target to 1,500 pence from 1,450 pence and repeated its 'buy' view in reaction.
At 10:42 a.m., shares in Imperial Energy were up 54 pence or 5.51 percent at 1,034, while the FTSE 250 index lost 111.7 points to 9,937.6.

Earlier on Monday, the company said it has discovered first new oil at its Kiev Eganskoye field, East of the OB River in the Tomsk region of the Russian Federation.
Imperial said it is in the process of batch drilling five wells on the Kiev Eganskoye field with three heavy duty rigs, including the company's recently purchased rig 502, and added 14 further wells are planned to be drilled on the field this year.

Commenting this morning, UBS said it thinks this is potentially the most significant discovery in Imperial's history and could be the tip of the iceberg as this result offers significant further potential.

Elsewhere, ABN Amro said it thinks the significance of thes news should not be underestimated and underlines the potential of Imperial's acreage following its successful rights issue.

Finally, Daniel Stewart repeated its 'buy' stance and 1,500 pence price target.

Russian reserve update added to the lead post drectly under the chart.
cyril

this is nice news indeed in these beleaguered times ...... the board of Imperial confirms that it has received an approach which may or may not lead to an offer being made for the Company ..... A further announcement will be made when appropriate.

doesnt mean much though if offer aint agreed to......sp will fall again if thats the case.....good news if folk have share though right now

i still do, though not as many as i did a few weeks back!
it will be interesting towatch sp in the meantime ..... only a few weeks back, one might have expected it to jump and then keep going, whereas today, it has jumped but now started to trickle back

Approx 102m shares currently in issue. Anyone any idea what the Co is worth?

Merrill say NAV is 1700, but clearly the market is far from convinced that a full bid is imminent and/or that even if a large chunk is taken out, that it will be at say 12-15

Quite a few companies have announced bid approaches this year most of which seem to come to nothing,the sp then tanks and later on results are announced which are below market expectations. Isn't that strange?

i agree halifax

clearly there is indeed fire with the smoke ......
In response to further press speculation, the board of Imperial confirms that it is in discussions in relation to a possible cash offer for the Company at a
price of 1,290 pence per share.

Could be a bidding war now, sp may rise to 15

quite seriously thought of buying more yesterday on original story and was then very pleased that i had not ..... still, can hardly be upset by that prudent decision

Any Idea why many oil producing companies are still down?????

They are cashing in all the money lost everywhere in the world, even in mortgages etc. The Oil companies could move up by 100-200% by the next year when they receive the money from selling oil at $146 these days.

Too cheap to ignore, IMO.

Could be a Burren Energy situation.....even when they turned down a bid the sp remained high....so why are some people cashing in at 1110p with the bid at a possible 1290p ?.

unless i am much mistaken, BUR was eventually taken over ...... with regard to IEC, i thoroughly agree .... it is likely that some are just taking money off the table for a variety of reasons, but shall keep watching and may top up (prudently!)

which i did at 1066 ...... just hope it proves to have been "prudent"!

Confirmation of all share buy out:

A RIA Novosti news version...

India's ONGC could buy U.K. co. operating in Russia, Kazakhstan

15/07/2008 10:56 MOSCOW, July 15 (RIA Novosti) - Indian oil and gas company ONGC intends to buy 100% of shares in Imperial Energy, a British oil company operating in West Siberia and Kazakhstan, a business daily reported on Tuesday.

Imperial Energy, which reached a production rate of over 10,000 barrels of oil per day in December 2007 and aims to achieve 25,000 bpd by the end of 2008, said on Monday it had received a takeover offer but gave no further details.

According to Kommersant, which cited an unnamed investment banker, the deal had been prepared since January but only received the approval of Imperial Energy's board of directors and the U.K.'s Financial Service Agency in June. The deal is being managed by Deutsche Bank on behalf of ONGC and by Merrill Lynch on behalf of Imperial Energy.

Imperial Energy's stock will go for at least 12.9 British pounds ($25.7) per share, which would put the company's value at $2.62 billion or 67% above its market capitalization as of Friday, and 40.2% above yesterday's share price, the paper said.

ONGC's sole project in Russia has been a 20% stake in the Sakhalin-I project off Russia's Pacific Coast with recoverable reserves estimated at 2.3 billion barrels of oil and 485 billion cubic meters of natural gas.

The Indian company has made numerous attempts to buy other asserts in Russia, Kommersant said.

Interesting to know why they failed to get access to other Russian exploreres/producers. Maybe they just couldn't agree on valuations? Can't find anything on their website about interests in Russia. ONGC are big in India, Turkmenistan, Brazil, Colombia & Caribbean. Huge company.

Goner turn upwards now before the close