> 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

Taken a bath on most things....I did not get out of the markets in time...thinking I might as well stay in...perhaps not the best idea but then I'm joining the panickers...but then again with oil dropping like a stone !...to sum it up : blast it !.

If the price collapses, then I would presume the others (SINOPEC & EURASIAN) will be very happy to come calling. I have decided to hold, but may top up with a few more in order to get my average price down. Not dead in the water yet, imo.

quick about turn .... just managed to buy 1000 before dealing suspended

Russia govt clears first half of ONGC buy of Imperial

MOSCOW, Oct 24 (Reuters) - Russia's natural resources ministry said on Friday that Imperial Energy will be deemed non-strategic, removing the first of two hurdles for Indian state-run energy major ONGC to buy the company.

In late August, India's biggest oil producer agreed a takeover of the mid-sized, London-listed Russian oil producer for $2.6 billion, but for the deal to go ahead it must have no strategic assets, and the deal must then be approved by Russia's anti-trust watchdog, known as FAS.

'Imperial has no strategic fields or deposits, and we'll be sending this answer to FAS,' said a ministry official who declined to be named and would not say when.

Investors have been watching the outcome of the two approvals closely as the investment climate in Russia worsens. Russian stocks have lost almost 77 percent since their May 19 record high, and foreign capital is flooding out.

FAS said it was awaiting the ministry's answer, its spokesman Sergei Noskovich said on Friday.

He would not name a timeframe for FAS' decision, however, which would be in the form of a straight-forward approval allowing the deal to fully go ahead.

A well-connected investor in Imperial said the FAS approval will come and it will be 'sooner rather than later' when asked if the deal is expected to close before the end of this year.

Russian president Dmitry Medvedev is expected to go to New Delhi, where ONGC is headquartered, on Dec. 3, in what industry insiders believe will finally clinch the deal, though a Kremlin spokesman could not confirm the trip.

Imperial would not comment on the timing of the actual deal, and a spokeswoman said the firm is awaiting the FAS approval.

ONGC Videsh, the overseas arm of ONGC, would not comment on the deal but said it knew of no immediate plans for ONGC to meet with Russian officials.

Imperial, which owns a number of licences in the west Siberian region of Tomsk, hopes to produce 35,000 barrels per day (bpd) by the end of 2009 and 80,000 bpd by 2011.

i wonder if that rns came out earlier than intended.
would not be surprised if it was intended to be released just after london closed rather than just before

Still no confirmation of the final price though. Might be worth just keep trading these rather than hanging on for the final deal.

not such silly advice .... anyway, let's see where it opens on monday

re-reading the rns, 3rd December looks to be a key date, which of course is still some weeks off, as is actual completion - all being well

Even with oil as it is...(and it could soon rise again)...the Indians will be buying a bargain if the future production figures are to be believed !.

isn't it nice to be able to discuss a share that has genuine upside potential in the immediate future! ...... RF - i agree, and confess i was disappointed that the bid was accepted at 12.50, though in current markets, that is probably fair enough

it would be reasonable to have assumed that the RNS, extract below, would have caused sp to rocket, but no such thing ...... some things are very strange, especially in the current market and climate

MOSCOW, Oct 28 (Reuters) - Russia's Natural Resources ministry said on Tuesday there is nothing hindering the sale of Imperial Energy to India's ONGC.
'There are no problems. Let it be sold,' Alexander Ledovskikh, the head of Rosnedra, the federal subsoil agency within the ministry, told a news briefing.

I just wonder if investors are not prepared to wait for the grinding slowness of the russian regulatory authorities. The cash could be used elsewhere for more volatile stocks. Am very tempted to top up at 850p, even if selling something else at a small loss. I wonder if it will get to 800p. If it sells at 1250p per share then that is a very nice profit, thank you!!!

couldn't argue against buying at 850, but more sensible would be to sell early at 1100/1150

sp suddenly on the rumble ...... suspect that the hedge funds have been forced to unload over the last few days/weeks, and perhaps that has now come to an end, and/or a little hug from the MMs to force some more buying

Do you think the hedgies have been shorting this, knowing that a resolution was months away? Presumably if they were long IEC then they would wait for the final outcome?
Or, worst case scenario, could be folks selling up thinking bad news is on the way.

confess i am merely trying to rationalise why the weakness when logic says otherwise

Bad news could be the takeover is off.....but frankly....who cares if the future production figures are correct !, there could be an intial drop followed by a strong recovery a little later....what could be bad is that production is delayed and the takeover is off as well....in that case : ouch !.

Stepped on a catapult this morning !, possibly ?

Answer : Russia clears takeover (see AFX) !.

Excellent news & certain hegde funds breathing a sigh of relief also.
Current price 1084p which is still attractive with a final price of 1250p.

nice to have been calling this correctly for the last 3 months!