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Financial Times: Imperial falls 8% on offer rejection

By Dino Mahtani
Published: November 23 2007 02:00 | Last updated: November 23 2007 02:00

Shares in Imperial Energy, the UK-listed oil and gas company with assets in Russia fell by 8 per cent after it rejected an offer by the banking arm of Gazprom to buy a 25 per cent stake in the company.

The offer, made by Gazprombank, was seen by many analysts as a potential solution to the poor relations the company has had with an agency within Russia’s natural resources ministry, which has accused the company of exaggerating its reserves.

Imperial said it would consider other ways of co-operating with Gazprom, and a person close to the company said talks were already under way.

Imperial’s stock closed down 96p at £11.00 yesterday.

Rosprirodnazor, the agency notorious for forcing Royal Dutch Shell to give a majority share of its Sakhalin-2 project to Gazprom, attacked Imperial for exaggerating reserves.

Dino Mahtani, London

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