Imperial's Reserves at Golovnoye Confirmed by Russian Ministry
Imperial Energy says that the Russian Government Commission for Natural Resources Reserves ('GKZ') has booked and approved the reserves on the Company's Golovnoye Field, Block 74, a field in which Imperial has a 47.5% net share with controlling interest and is the operator.
The Golovnoye field is a new discovery and results from Imperial's own seismic work, as well as reinterpretation of old data combined with successful exploration drilling.
There were no previous Russian reserves for this field, and the reserves now awarded by GKZ are reflective of the Company's own calculations of Russian reserves. Up until now the only form of reserves for the field was a small amount of SPE reserves estimated by DeGoloyer and MacNaughton ('D&M'). The newly awarded Russian registered reserves net to Imperial of approximately C1 recoverable of 1.4mmbbls and C2 recoverable of 8.0mmbbls, giving a combined C1 and C2 total of approximately 9.4mmbbls, compare favourably to the D&M 2P reserves of 2.3mmbbls, net to Imperial.
The Company also importantly announces the receipt of a Certificate from the Ministry of Natural Resources formally crediting Imperial Energy with the commercial discovery at the Golovnoye field consequent to which Imperial is now applying for a commercial production licence for that field.
The Company is continuing to work with the Russian Ministry of Natural Resources and GKZ in a consistent programme with a view to updating its reserve base by both registering new discoveries and increasing reserves in its existing fields.
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