Imperial increases energy reserves
OIL COMPANY Imperial Energy has made five successful registrations to expand its oil production in Russia which will see it almost double its reserves in the country.
The Leeds-based company, which produces oil and gas, said three of the applications related to new discoveries where there were previously no Russian registered reserves.
Imperial said the registrations, allied to efforts to upgrade reserves on existing fields in Russia, would continue its growth.
The oil exploration and production company, founded by Leeds lawyer Peter Levine, beat its 2007 production targets and has set itself new aims to reach 80,000 barrels of oil per day by 2011.
Since it floated in 2004, Imperial, which is involved in oil exploration and production in Siberia and Kazakhstan, has seen its shares increase from 108p to more than £14.
The FTSE 250 company, which has its registered office in Leeds but its main area of operations in Western Siberia, aims to produce 25,000 barrels per day by the end of 2008 and 35,000 barrels per day by the end of 2009.
In 2007, Imperial's gas reserves increased by 229%.
The five successful registrations are at the Snezhnoye, Maiskoye, North Festivalnoye, Tamratskoye and Vodorazdelnoye oil fields.
