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Imperial Energy says it found oil in Russian exploration well

Imperial Energy Corp., a British company exploring for oil and gas in Russia and Kazakhstan, said it found oil in an exploration well in Russia's Tomsk region.

The Golovnaya 353 well in Block 74 in Tomsk, Siberia, has been completed and found to contain 3 meters of oil at a depth of 2,542 meters, London-based Imperial said in a Regulatory News Service statement today. The well will be linked to the Snezhnaya-Zavyalovo pipeline, to be completed in the „late summer” of this year, the company said. Further testing to determine commerciality and reserves will take place within the next two months, Imperial said. The company also said it appointed Vladimir Shaftelski, as general director of its Tomsk-registered subsidiaries as of February 1, and that Alexander Korchik resigned as director of Imperial. Korchik will still work for the company. (Bloomberg)