Bloomberg News

Imperial Says Russia Won't Revoke Oil-Field Licenses

June 01, 2007

Imperial Energy Plc, a British company with oil assets in Siberia, said Russian authorities won't revoke its oil-exploration licenses because the company met their terms. The company's shares rose to a three-week high.

Imperial officials met with Russia's environmental watchdog, Rosprirodnadzor, regarding licenses of Nord Imperial, Allianceneftegaz and Sibinterneft, the U.K. company said today in a Regulatory News Service statement.

``Rosnedra has advised the company that none of its licenses are to be revoked,'' Imperial said in the statement. The company's shares rose 168 pence, or 15 percent, to 1,290 pence in London.

The minister of natural resources, Yuri Trutnev, on May 11 discussed with auditors and government officials ``the problem of reserves declared by some foreign companies'' that don't match the Russian government's estimates, Rosprirodnadzor said May 15.

Rosprirodnadzor has requested that Imperial complete within three months seismic works at some fields explored by its Allianceneftegaz unit, the London-based company said.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles on dtilles@bloomberg.net


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