--D & M report new 2P reserves of 93 mmbbls at Kiev-Eganskoye Field, Block 80, Western Siberia. --Imperial's 2P independently reported reserves now stand at 321 mmbbls, an increase of 41% over the previously reported number of 228mmbbls.
KIEV-EGANSKOYE FIELD BLOCK 80
Further to the announcement of 1 December 2006, at which time Imperial stated that D & M had reported Block 80 3P reserves at 528 mmbbls from the Kiev-Eganskoye Field, with a further 108 mmbbls of resources from five other targets on that Block, D & M has now completed a further analysis of the Kiev-Eganskoye Field with regard to identifying 2P reserves.
D & M now reports that 2P reserves on that Field are 93 mmbbls with the total 3P number slightly modified to 515 mmbbls. The resources from the five other targets on Block 80 remain the same.
The very significant reserves from this one field, increase Imperial's previous 2005 independently reported 2P reserves of 228 mmbbls, which were based only on Imperial's first five fields, by 41% to 321mmbbls.
As previously announced, D & M are now reviewing all of Imperial's other fields and prospects in the Tomsk region including those first five fields along with later identified fields. D & M are expected to publish a full report on reserves and prospects in Spring 2007.
Peter Levine, Chairman, commented:
"The 41% increase in 2P reserves to a very significant 321 mmbbls, comes from only one field in a small part of Imperial's overall interests, and is a clear demonstration of the extent of Imperial's major asset base. Imperial's operations with regard to production and pipelines are progressing in line with expectations."
Imperial Energy is an independent oil exploration and production company with operations in the Russian Federation. The Company is targeting 25,000bopd production by end of 2008 and currently has 321mmbbls of 2P Reserves. Imperial has an extensive program in 2007 including 30 production and appraisal wells, 10 exploration wells, construction of 200km of pipeline, oil processing facilities and the development of its own rig company.
There will be a complete reserves update in the spring of 2007 and the company is planning to move from AIM to the Main Market before the expiration of H1 2007.
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