Imperial poised to reveal huge oil reserves in Russia

One of the biggest oil explorers on the Alternative Investment Market (AIM) is poised to disclose that it is sitting on reserves of more than three billion barrels in Russia, The Times has learnt.

An independent report by DeGolyer & MacNaughton, the American energy expert, will hand Imperial Energy a material reserves upgrade across ten of its fields in west Siberia.
The report is understood to classify total reserves in place for the first time at three billion barrels, just under the amount that Cairn Energy, the FTSE 100 group, has discovered in Rajasthan, northwest India.

At least 600 million barrels will be given a lucrative “2P” proved and probable tag, which carries a 50 per cent chance of recovery, double the amount currently on Imperial’s books.

About 100 million barrels are thought to be classed as “1P”, with a 90 per cent chance of being pumped out of the ground.

The Times