Imperial, in partnership with the Tomsk Regional Administration have agreed to create a joint venture for the supply of gas on a commercial basis for the benefit of the local administration and the region.
The joint venture vehicle, to be named "Imperial Energy Tomsk Gaz" will be owned 26 per cent by the Tomsk Administration with the balance held by an Imperial Group Company.
Imperial has already identified potentially significant gas deposits in its licensed territories including in Blocks 77 and 69. Whilst at present Imperial has only a small amount of Russian Registered gas reserves and no SPE based gas reserves it is targeting a material increase as it continues its exploration work in the region.
Imperial, as its part of the business will be responsible for providing its gas to the joint venture company, which will then be supplied through Imperial Energy Tomsk Gaz to its customers.
In parallel with the setting up of the joint venture, Imperial is asking the international reserves auditors DeGolyer and MacNaughton to report for the first time, on an SPE basis, on Imperial's gas reserves in selected fields at the same time as updating Imperial's oil reserves, with an expected report publication date of Spring 2008. Imperial is also taking steps to commence the process of increasing its Russian Registered Gas Reserves.
Peter Levine, Chairman, commented:
"This joint venture at one stroke provides the platform for unlocking the value of potentially significant gas reserves of Imperial and the foundation for providing material assistance and benefit to the region of Tomsk, its people and businesses."
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