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15 Jul, 2008 04:19

Imperial Energy shares jump on buyout offer

Imperial Energy shares jump on buyout offer

Shares of Imperial Energy closed up 18% after it released a statement about a buyout offer.

The British oil company, operating in West Siberia and Kazakhstan, received a proposal from the Indian Oil and Natural Gas Corporation.

Indian demand for energy is growing fast due to rapid industrialisation. Imperial said it viewed the offer with interest.

The British oil company has a growing portfolio of oil and gas projects in West Siberia. Imperial produces only 10,000 barrels per day in the Syberian Tomsk region, which contains 900 mln barrels of recoverable reserves.