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Friday, January 25, 2008

Imperial Energy could hold IPO of its Russian subsidiary

MOSCOW, January 21 (RIA Novosti) - British company Imperial Energy said on Monday it was considering holding an initial public offering of its Russia-based oil service subsidiary, Rus Imperial Group. Imperial Energy, a British company focused on oil exploration and production in former Soviet republics, holds licenses to explore and develop oil deposits in Russia's Tomsk Region in west Siberia. "Imperial is currently reviewing its strategic options in relation to its growing oil services arm, which may include spinning off this division by way of an IPO on the alternative investment market of the London Stock Exchange," the company said in a statement. Imperial Energy has also received a number of proposals from reputable international companies to acquire a part or all of Rus Imperial Group and these proposals are currently under review, the statement said. Imperial Energy is expected to announce details of its IPO plans by late March. Imperial Energy, which produces about 10,000 barrels of oil per day at its deposits in the Tomsk Region, also announced on Monday the appointment of Yekaterina Kirsanova, the head of its Moscow office, as the company's executive director.

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