By Russell Hotten
Last Updated: 1:23am GMT 11/12/2007
Imperial Energy, the London-listed company that explores for oil in Russia, said the country’s Natural Resources Ministry had extended all six licences held by a subsidiary.
The company’s shares rose as investors interpreted the extension as a sign Imperial’s problems with Russia’s regulators were easing.
Imperial is one of several Western energy firms, including Royal Dutch Shell and Peter Hambro Mining, that were targeted by Oleg Mitvol, deputy head of the environmental agency, over claims companies breached operating licences.
Yesterday, licences at Imperial’s Allianceneftegaz division in the Tomsk region of Siberia were extended for two years. They were due to expire at the end of the year. Imperial’s shares rose 41p to £13.86. Analysts at ABN Amro said yesterday: “Today’s news points to…. normal working relations with the Ministry of Natural Resources, and is further evidence (if needed) of a steadily decreasing risk profile.”
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/11/cnimp111.xml
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