14/07/2008
Imperial Energy Corporation has received a bid approach, believed to be from Indian state oil group ONGC.
The fully listed company, which has registered Russian hydrocarbon reserves of 450 million barrels, has confirmed an approach – ‘which may or may not lead to an offer’ – without naming its potential suitor, in response to mounting City and press speculation. Imperial, chaired by Peter Levine, has proved a volatile counter, soaring from 302p three years ago to £18.14 last January, before falling back sharply.
Now 948p, up 176p this morning and valuing the company at £971.3 million, the shares have more than doubled since Growth Company Investor recommended them in 2005. Hold on.
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