On 28 February 2007, the Ministry of Natural Resources, Russian Federation, granted the new exploration and production license to OOO Allianceneftegaz, a wholly owned subsidiary of Imperial. This important step marks the successful transition of the Maiskoye Field from a 5-year purely exploration license to a long term exploration and production licensed field.
Imperial has an extensive development plan for the Maiskoye field in 2007 and has a drilling program of nine new wells addressing already identified oil-bearing intervals in this field. In addition the Company is in the process of constructing field facilities costing US$15 million, which will be capable of handling 10,000 bopd by the end of this year increasing to 17,000 bopd by 2009.
Pursuant to the recently announced report by DeGolyer and MacNaughton ('D&M'), the Maiskoye field has independently reported 1P oil reserves of 13.4 mmbbls, 2P reserves of 72.6 mmbbls and 3P reserves of 137.5 mmbbls.
The Maiskoye field will be linked to Imperial's southern pipeline in the Tomsk region, which is currently under construction. First deliveries from the field through that pipeline are scheduled by end summer 2007.
Peter Levine, Chairman, commented:
"This important step marks the successful transition of the Maiskoye Field from exploration to production. Following our successful drilling program on the Maiskoye field last year we now look forward to implementing our intensive development program for the field in 2007."
Imperial Energy is an independent oil exploration and production company with operations in the Russian Federation. The Company is currently targeting 25,000 bopd production by the end of 2008 and 35,000 bopd by the end of 2009. Imperial currently has 802.6 mmbbls of independently audited 2P Reserves including 159.3 mmbbls in the 1P category. Imperial has an extensive program in 2007 including 30 production and appraisal wells, 10 exploration wells and construction of 200 km of pipeline. Imperial has also established its own rig company with the objective of ensuring it has the capability to deliver on this program.
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