RusEnergy

Upstream OnLine - 17 September 2007 - UK-listed explorer Imperial Energy has formed a joint venture with the Tomsk Regional Administration - Imperial Energy Tomsk Gaz - in a bid to move in on Russia's commercial gas market. The Tomsk Administration will hold 26% of the venture. Imperial said it has already identified potentially significant gas deposits in a number of East Siberian licences, including blocks 77 and 69. Imperial will provide the gas to the joint venture company which will then be supplied to customers via Imperial Energy Tomsk Gaz. In tandem with the Tomsk move, Imperial is set to ask auditors DeGolyer & MacNaughton to report on its gas reserves in a number of selected fields as well as updating information on its oil reserves. The audit, which will be ready for publication in the second quarter of next year, will be carried out on an SPE basis. Imperial is also taking steps to start the process of increasing its Russian registered gas reserves.