> 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

looking useful buy level again at +/-960 considering accepted bid of 1250 already on table

In & out imo, as it's possible this may not go ahead at the price. Oil price expected to fall further.

looking cheap if t/o offer still good

At long last some good news for my portfolio....(see afx) !.

ALMATY, Oct 9 (Reuters) -" Indian state-run oil producer ONGC will seal its deal to buy Russia's Imperial Energy 'any day now', a source close to negotiations told Reuters on Thursday.

In late August India's biggest oil producer agreed a takeover of the mid-sized, London-listed Russian oil producer for $2.6 billion.

'It's ongoing. We should expect the deal to finalise any day now,' said the source, who spoke on condition of anonymity.

In early September India's oil minister Murli Deora said the deal was expected to be completed by the end of this week."

if you have funds, surely IEC is an ace buy today at about 910 with completion of the deal almost certainly imminent (like within a couple of days), with no indication of price being renegotaiated from the promised 1250

Not possible to buy on-line. No quantity being offered.

Harry you really need IG mate, answer phones straight away and dealing no probs... i'm still contemplating if i can risk the funds to buy a chunk...

duplicate

*whistles*

*rolls eyes*

I was trying to buy at 900p, Big T! It was only there for a minute. I could have phoned Selftrade, but by the time a trader had agreed a price, 900p would have gone up in smoke! Everything is done by the touch of a button these days. For better or worse!

bit of a spread at the mo at 970/995, but still quite volatile ...... surely at 950 a gift, and not so bad at this level

Really questioning my strategy - cant bring myself to buy now i know they were 910 an hour ago... wrong way to look at things i know and should really be buying some with the deal (surely, now) a certainty

For some stocks ...it takes ages for the dealers to put them through...makes trading very difficult when a good price is only there for a few minutes !.

at one point the spread was 950 - 1000

It's not certain the takeover will go through.....!.

nothing is ever certain until the papers are signed ..... however, it is good to see that on 10th (only just reported) Credit Suisse bought a further 1m shares taking their holding to 4.04%

Well here's hoping, i guess somewhat a gamble regardless of prospects, even though i believe they are good, i have just bought a chunk at 909p and will hope the takeover goes ahead, have to admit seems strange to be at such a discount, but will hope that is just down to the falling price of oil and general market situation rather than worry that the deal might be scuppered...

I am still holding, but very strange that there is absolutely nothing about this on the ONGC website. Unless of course it is another company completely who is now putting off ONGC.
"Imperial currently pumps 7,000 barrels per day from its fields and the Kiev Eganskoye field came onstream in September 2008 to lift production to 25,000 bpd by year-end and 35,000 bpd by the end of 2009. It hopes to be cash positive by early 2010." The critical thing may be the future price of crude which has to be reflected in the offer price.

The problem you've got is if it doesn't go through then the sp will drop to 500-600p or maybe even 250-300p to bring it into line with the other oilers.

check out WSJ for this article just published "indias biggest exploration company, ONGC, has said the current financial crisis will not affect its plans to buy UKs Imperial Energy Plc for 1.4 billion", there is more that you can find in Business Standard http://www.business-standard.com/india/storypage.php?autono=337711&chkFlg= 'ONGC can fund OVL's Imperial acquisition'

Oil and Natural Gas Corporation (ONGC), the countrys largest oil producer, said it can fund the entire $2.8 billion for the acquisition of UK-listed Imperial Energy, even if it was not able to raise the $1 billion bridge loan.


We have enough liquidity to do two more such transactions, CMD R S Sharma said, adding the company is not dependent on the $1-billion bridge loan it was planning to take from Deutsche Bank for the buy.

The oil major had cash and bank deposits of Rs 16,000 crore (or around $3.3 billion) at the end of the March 2008. Deutsche Bank could not be immediately reached for comments.

ONGC Videsh, the companys overseas investment subsidiary, had in August agreed to buy Imperial Energy, which has oil fields in Russia and Kazakhsthan, for $2.8 billion. ONGC was to lend OVL $1.8 billion at a lower-than-market interest rate of 6 per cent, while another $1 billion was funded by Deustche Bank in the form of a bridge loan.

Any other cofirmation out there?