Uchenna Izundu
International Editor
LONDON, Sept. 18 -- Imperial Energy Corp. PLC and Tomsk Regional Administration have agreed to establish a joint venture to develop Imperial's potential gas reserves in Russia.
The newly formed Imperial Energy Tomsk Gaz will sell gas to the local administration and the region.
Imperial wants to explore and develop potential gas deposits on its licensed territories, including Blocks 77 and 69. It will continue with exploration work in the region to prove up more reserves, but at present has only small volumes of Russian registered gas reserves and no SPE-based gas reserves.
The company has contracted international reserves auditors DeGolyer and MacNaughton to report on Imperial's gas reserves on an SPE basis in selected fields while updating its oil reserves. The findings will be published next spring.
Tomsk will have a 26% stake, and Imperial will hold a 74% interest in Imperial Energy Tomsk Gaz.
Contact Uchenna Izundu at [email protected].
