Imperial Energy Reports Further Licensing And Provides Exploration Update

Source: www.gulfoilandgas.com 7/21/2008, Location: Asia

Imperial announced the grant of a new long term production licence and further exploration successes at its Tomsk fields, Western Siberia, Russian Federation. The Ministry of Natural Resources has granted and registered a new production licence for the Golovnoye Field, Block 74, Tomsk, Western Siberia. The Licence is for the period until 10 July 2028.

The Golovnoye Field is held by OOO Sibinterneft, a company in which Imperial has a net 47.5% effective controlling and managing interest. The Golovnoye Field currently has approximately 20 mmbbls of C1 and C2 Russian Registered Reserves. The exploration licence covering the remainder of Block 74 continues and its current expiry date is April 2010.

Kiev Eganskoye Field

Lower Cretaceous section
Imperial has previously announced the successful initial results from Well 361. This well has now undergone the further testing required prior to registration of new Russian Registered Reserves for that section and location. The further results obtained were successful and supported the initial results, confirming the already identified productive qualities.

Well 364, drilled by Imperialís own Heavy 502 Rig, some 6km to the south west and 87 metres down dip from Well 361, has now tested the B8/9 section of the Lower Cretaceous reservoir with clean good quality oil to surface. This result, taken in conjunction with the result of Well 361, demonstrates extensive oil bearing reservoir sands at the Field.

There are neither any current SPE 2P Reserves nor any Russian Registered Reserves for this section. Application for registration of Russian Registered Reserves for the Lower Cretaceous section is expected to be made during this summer.

Jurassic section
Complementing the testing results of the Lower Cretaceous section, successful testing of the primary target J1-1 Jurassic Section has now taken place in both exploration wells 361 and 364 which are 6km apart. These results support the 2P SPE reserves for that Jurassic section of 107 mmbbls, demonstrate the field extent and provide the basis for application to substantially increase the current Russian Registered Reserves for that section from the current of 15 mmbbls C1 and C2 Reserves to a level concomitant with the current SPE reserves for the same section. Application for registration of these reserves is expected to be made this summer.

First oil from the Kiev Eganskoye Field, through Imperialís recently constructed 152km pipeline is expected in September 2008.

Glukhovskoye Field
The well Glukhovskoye 6 has flowed oil after encountering some 6 metres of oil in the Jurassic J1-1 Vasyugan section. There are currently neither SPE nor Russian Registered Reserves in this section. Current levels of reserves for this field arising from other sections are 56 mmbbls C1 and C2 Russian Registered Reserves and 25 mmbbls 2P SPE reserves.

Testing will now be made prior to registration of further Russian Reserves and it is currently projected that this field will commence production within the next 18 months with a spur pipeline being constructed to link the field to Imperialís Maiskoye-Luginetskoye pipeline.

Festivalnoye Field
The well Festivalnoye 218 has encountered significant showings of hydrocarbons in the Palaeozoic section with a very high gas cut in the mud. The expulsion of mud was so substantial that for safety reasons it was determined to cement back, run casing and side-track the well into the Palaeozoic using substantially greater mud weight. After this operation is completed, full testing of this highly interesting prospective hydrocarbon reservoir will be carried out. Currently there is only a limited amount of Russian Registered Reserves for this section of the Palaeozoic with 2P SPE Reserves for the section presently standing at approximately 19 mmbbls.

The Festivalnoye Field is already flowing oil through the Maiskoye-Luganetskoye pipeline.


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