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. Last Updated: 07/27/2016

Imperial Hits Oil in Tomsk Region

Britain-based Imperial Energy on Monday announced a new oil discovery in western Siberia, increasing its valuation by almost 7 percent and raising the prospect of boosting reserves.
Engineers hit oil at a well at the Kiev-Yeganskoye field in the Tomsk region before they even reached the targeted depth, the company said in a statement.
Imperial will continue to drill the well deeper, it said. The firm is also drilling five more wells at the field, east of the Ob River, and is planning 14 more wells.
Company shares jumped 6.8 percent in early London trading on the news.
Kiev-Yeganskoye holds 107 million barrels of oil in proved and probable reserves, according to Society of Petroleum Engineers standards, Imperial said earlier this year. Oil from the well is free flowing at a rate of 1,575 barrels per day, the statement said.
“It shows that the field is promising,” said Alexandra Shubenkova, a spokeswoman for Imperial Energy in Moscow. The field’s reserves could grow, and the company will come up with an updated estimate later this year, she said.