The battle for Russian and Kazakhstan operator Imperial Energy looks like it is coming to a close with the company confirming an offer from India’s ONGC Videsh.
Today Imperial said it is “finalising the terms of a possible recommended pre-conditional cash offer” with ONGC Videsh based on 1,250 pence per Imperial share, which implies a valuation of £1.4 Bn.
The offer is being made through an ONGC Videsh Limited (OVL), called Jarpeno, which is a wholly-owed subsidiary of OVL.
In recent weeks there has been extensive trading in Imperial shares in London.
Imperial was listed in London in 2005, and claims reserves which are put at 920 m bbl – one of the largest of UK-based E&P companies.
Imperial operates in the Tomsk region of Western Siberia through three operating subsidiaries, Nord Imperial, Sibinterneft, and Allianceneftegaz. It also owns one exploration licence in north Kazakhstan, on a block called North Torgai, encompassing 2,022 sq. km (780 sq. miles).