Memorandum of co-operation

18 Jul 2006 07:00

Imperial Energy Corporation PLC18 July 2006 IMPERIAL ENERGY CORPORATION PLC ("Imperial") IMPERIAL AND GAZPROM NEFT COMMENCE RELATIONSHIPS Imperial, the oil exploration and production company, today announces thecommencement of relationships with Gazprom Neft (formerly Sibneft). On 17 July 2006 in Moscow Peter Levine, Chairman and CEO of Imperial and LeonidReznikov, Vice-President of Gazprom Neft signed a memorandum on co-operationbetween the two companies. Under the terms of the memorandum Imperial and Gazprom Neft, neighbours in theTomsk Region, Western Siberia, stated their intent to co-operate in relation toexploration of hydrocarbon reserves, oil production and in the sphere of oiltransportation. Leonid Reznikov, Vice-President of Gazprom Neft, commented: "Gazprom Neft is very pleased to enter into this Memorandum of Co-operation withImperial Energy, an English company we respect and who has clearly madesignificant progress in its operations in the Tomsk Region, an area in which weare also interested. "Gazprom Neft views the entry into this Memorandum as a first but significantstep in building closer relations with Imperial." Peter Levine, Chairman of Imperial Energy Corporation commented: "This is an important step forward for Imperial and we are delighted to commencerelationships with Gazprom Neft, one of the largest and most respected oilproducers in Russia. "We believe this will be a significant platform for the future and look forwardto developing our mutual co-operation and consolidating our relationship in duecourse." Date: 18 July 2006 Imperial Energy Corporation PLC +44(0)207 758 9658Peter LevinePelham PR +44(0)207 743 6673/+44(0)777 4444 163James Henderson Editor's Note: Gazprom Neft is a wholly owned subsidiary of Gazprom, the giant Russian oil and gas conglomerate. This information is provided by RNS The company news service from the London Stock Exchange