Imperial Set to Begin Trading on Official List
Imperial Energy Corp. PLC on Friday issued the following operational update ahead of its move to the Official List of the UK Listing Authority, which is expected for Wednesday 9 May 2007.
Admission to Official List
--Imperial has today applied for admission to the Official List of the UK Listing Authority. --Trading of Imperial's shares on the Official List of the UK Listing Authority is expected for Wednesday 9 May 2007 at 8 a.m.
--As previously announced, Christopher Hopkinson, currently COO, will assume the role of CEO effective from 9 May 2007. Peter Levine will continue as Chairman.
--Expenditure on 2007 work program expected to amount to some US$245 million --Successful production testing on Maiskoye field --Ongoing production/appraisal drilling at both the Snezhnoye and Maiskoye fields --Twelve wells successfully hydraulically fractured since 31 December 2006 --Construction of field facilities ongoing and on track --Ongoing acquisition of seismic on both Blocks 80 and 70 with all 3D seismic acquired on block 69 --South Festivalnaya-5 and Vodorazdelnaya-3 wells being drilled and all other exploration targets for 2007 have rigs in situ and are being prepared --Uralovskaya – 304 exploration well has not encountered oil at the target layer, however this result is not expected to have any impact on Imperial's Reserves or resources
--Group production during Q1 2007 peaked at over 2,800 bopd --Given the current seasonally limited transportation opportunities prior to completion of the pipeline and work over of certain wells, current production has been artificially reduced to approximately 800 bopd, which is targeted to increase to 6,000 bopd by end summer 2007 --Continuing to target production of:
- 10,000 bopd by end 2007
- 25,000 bopd by end 2008
- 35,000 bopd by end 2009 from five fields
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