RusEnergy

18 May 2007 - Upstream OnLine - Russia-focused explorer Imperial Energy said today that the South Festivalnoye-5 well, spudded in March, hit "very promising" hydrocarbon reservoirs. "The well encountered 18.2 metres of oil in the Bazhenov formation at a depth of 2791 metres," Imperial Energy said in a statement. "This formation is not a typical reservoir in the Tomsk region and based on analogies with the Khanty Mansik region this discovery is very promising," it said.