> 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

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

bought another similar lot at 1045 as reckoned the fall was nuts ..... so far so good as all now shoowing blue, even though a bit distorted by closing auction

Topped up myself but at 1088....nuts this market ...this should be hovering around 1270p or so.....if IEC is taken out very soon this is money for nothing....the sellers must be nuts or terribly in debt !.

i think you are being more than a little optimistic in expecting sp to be +/-1270 at this juncture, for there is still a long way to go ...... but of course another bidder may enter the fray too

Yes cynic you are right but the sp should be in the upper 1180's or so, very comparable to the BUR situation when it was being taken over.

perhaps, but certainly higher than now for sure ..... meanwhile, Dow continues quite extraordinarily and is actually +38 as i write at 11087 after a low of 10826 at 15:00 ...... if it actually finishes blue or thereabouts, then FTSE will be +60/70 at open and no doubt (i hope!) IEC significantly higher

Over the last 2 days the sp has gone from 770 to 990, with a drop back to 900. Then up to 1158 & down to 1035. In a nswer to 'the sellers must be nuts' is that this is very tradeable at the moment, which may be better than holding for the upper limit of +/- 1290. There is no guarantee that the takeover will happen, so maybe best to keep locking in profit.
I bought IEC a few months ago & am happy to hold, but I also buy & sell another holding each day, so that if the whole thing goes sour, then at least I have made some money.

Anything less than 15 is a steal, even if the bid fails wait till the fall for a broad re rating of the oil companies.

There was a situation with Burren Energy (job to remember exactly now)...when I thought after a bid was turned down ..I thought well the stock will now drop like a stone but no the sp remained high...IEC could turn this down....I think (myself) that the company is worth more.

http://www.moneyam.com/action/news/showArticle?id=3102514

Heading for 12.90 now, about time too.

Bids for oil producing companies are 50% above their current prices.

first get a firm and viable and acceptable bid ..... meanwhile, IEC struggles to break through an old resistance at 1100

At the moment I wish I was in just one or two stocks only instead of a broad choice...IEC coming good !.

you only wish that you only had stocks that were roaring ahead .... chances are that they would all be plummeting and you would then regret not spreading your risk - lol!

At least the dow is up tonight...might be a better day tomorrow !.

One thing that slightly worries me is that there is no mention of the proposed takeover on the ONGC website.
http://www.ongcindia.com/default.asp
I would have thought they would have been keen to promote the idea.

What...?, IEC stable...no movement.., strange....!., no ups or downs...weird !.