Share Name Share Symbol Market Type Share ISIN Share Description
Imperial Energy Corp LSE:IEC London Ordinary Share GB00B00HD783 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1,253.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 1,281.42

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DateSubject
30/12/2008
20:55
cliffyburger: With IEC's share price closing at 1205p, this is clearly a done deal. Otherwise, the share price would not be within 4% of the takeover price. Nevertheless, my spreadbet is such that I intend to hold on for the extra 40p or so, as it means a few grand more! Once the dust has settled and I have banked my IEC profit, I intend to recycle some (if not all) back into four of my current holdings, namely: * Ladbrokes (LSE: LAD) * Lamprell (LSE: LAM) * Leisure & Gaming (LSE: LNG) * Titan Europe (LSE: TSW) Ladbrokes you know well, yet it trades on a low P/E and high dividend yield. Cash-rich Lamprell should be familiar to those who follow the oil-services sector, and I eagerly await the trading update on 9 January (ten days hence). Micro-cap gaming firm LNG trades at 3.25p/4.25p at present, but I value the shares at nearer to 20p. I am the largest individual shareholder in this firm. Finally, a rival firm recently bought almost a quarter of TSW at 40p a share, versus the current price of 16p/18p. It's been a pleasure dealing with you, IEC owners. The best of luck to you all for 2009 and beyond. :0) Cliff D'Arcy Freelance Financial Journalist
10/12/2008
10:21
davius: Madjock, that is the real issue I think. A late short squeeze could potentially do a 'Volkswagon' and result in a share price higher than the offer. However, that prospect could encourage some holders to wait it out until the bitter end, which in turn could depress the share price. My opinion is that it's better not to be too greedy, anyone whose shares are paid for would be better just accepting the offer immediately. Still 190p to be had above the current share price. And the answer is yes, once pledged, they can no longer be traded.
09/12/2008
09:03
davius: The share price dipped into the low 700s yesterday, so if the bid were pulled we'd probably end up somewhere in the 600s, or maybe lower. Therefore the current share price represents maybe a 50% premium to what's possible, and yet at a 28% discount to the bid price. That suggests to me the market considers the bid will proceed, the share price action over the last 24 hours is mainly fund repositioning, plenty of hedging and no doubt a degree of shorting, to take best short term advantage of the nervous nature of the markets. A lot of money will have been made from this deal. I wonder who the losers are? I suspect a number of private investors may have been stopped out, and any less agressive funds.
08/12/2008
08:22
tigmi: Is the share price lagging because of the this comment over the weekend? Offer price of £10.5 ???????? "Delays on part of OVL to make an open offer has seen the share price of the UK listed firm-Imperial Energy trade below the offer price of £10.5 a share for some time. As against a price of £ 11.48 per share on November 11, the Imperial Energy stock was quoting a price of £ 10.30 on December 5" I am hoping that this is a typo on the journalist side!!
07/11/2008
14:59
sailor9: Russian authority clears acquisition of Imperial Energy BS Reporters / New Delhi November 7, 2008, 20:24 IST The proposed acquisition of the UK listed Imperial Energy by state owned Oil and natural Gas Corporation (ONGC) has crossed the major hurdle as the anti-trust agency of Russia, Federal Anti-Monopoly Service, has approved the transaction. Due to delay in the approval by theRussian authority, the Indian company is set to gain around $500 million, as sterling has depreciated by a whopping 20 per cent to $1.58 from $1.98 in August, when the deal was announced. Under the agreement, ONGC has committed to make the payment in sterling. At the current rate, now it will have to fork out $2.1 billion, as against original estimate of $2.6 billion. "Yes the Russian approval has come," said a senior ONGC official. Agencies quoted a spokesperson of the Russian anti-trust office as saying that the acquisition has already been approved. The approval comes two days after Petroleum Minister Murli Deora, along with ONGC Chairman and Managing Director RS Sharma and OVL Managing Director RS Butola met Russian Prime Minister Vladimir Putin. ONGC Videsh (OVL), ONGC's overseas investment arm, applied to the Russian anti-trust agency over two months ago. News of the approval drove up Imperial's share price of the London Stock Exchange by 24 per cent to nearly 1,100 pence on Friday. ONGC Videsh, the overseas arm of ONGC has already acquired over 15 per cent stake in Imperial Energy, including 6.4 million shares representing 6.3 per cent from the management and another 9.2 per cent from Baillie Gifford & Co. Imperial Energy has its oil and gas assets in eastern Russia and north Kazakhstan. It currently produces around 10,000 barrels of oil per day. It hopes to increase production to 35,000 barrels per day by the end of 2009 and 80,000 barrels per day by 2011. The Imperial board has recommended ONGC's bid in August at a 1,250 pence per share. At that point, Imperial's share price on the London Stock Exchange was 800 pence and oil prices were over $120 per barrel. Oil prices have since fallen to below $65 per barrel driving down Imperial's share price to around 700 pence late last month. Sharma had earlier said the company was ready to fund the entire acquisition from its balance sheet. However, the company plans to raise around $1 billion as a bridge loan from Deutsche Bank and lend OVL $1.1 billion at a below-market rate of 6 per cent. ___________________________ http://www.business-standard.com/india/storypage.php?autono=49134&tp=on 45 minutes ago
31/10/2008
21:20
davius: Been out of this for a while, but if the offer is still £12.50 a share then the overall cost to ONGC will be a lot lower (in dollars) than when the offer was tabled, with the pound/dollar rate down nearly 20%. The share price seems to now be at a remarkable discount to the offer price. Can anyone update me? Is this down to hedge fund selling, margin call, etc? Or the fear that the Ruskies may block the deal? Or than ONGC might pull the plug? Was in MNR when they announced the 160p offer, eventually bailed there on a persistently weakening share price at 120p odd. A few weeks later the bid was pulled and the MNR share price crashed. It's continued down, now around 17p. Presumably the £300m+ They raised nearly 6 months ago should see the company safely through if ONGC do pull the plug. I'm trying to see the potential downside of investing at this level. Are they still on course for 25K bopd by the end of the year? So many questions...
28/10/2008
23:07
spacetomato: found this at mxp bb.. intersting Oil Majors Set to Gain As Smaller Rivals Struggle by James Herron Dow Jones Newswires Thursday, October 23, 2008 LONDON (Dow Jones Newswires), October 23, 2008 Major international oil companies may emerge from the current financial turmoil and the sharp drop in oil prices strengthened as they cherry-pick reserves from smaller companies that run into trouble. As access to financing dries up and share prices get hammered, some of the smaller oil and gas companies will become extremely vulnerable to forced asset sales or takeovers. And the cash-rich majors will be waiting to snap up vital new reserves at bargain prices. "The majors are in a fantastic position," said Mike Wachtel, head of the oil and gas practice at Watson, Farley and Williams LLP, a law firm that advises on corporate mergers and acquisitions. "There are a lot of (small oil and gas) companies now that are having financing problems. They're going to have to either sell their assets, put themselves up for sale, or go to the wall. And of course that produces a lot of opportunities for both the hedge funds and a lot of the large, predatory companies." The valuations of oil companies of all shapes and sizes have taken a pounding as the price of oil has more than halved since its mid-July peak. Shares in the world's largest oil companies including BP PLC, Royal Dutch Shell PLC, ExxonMobil Corp., Total SA and Chevron Corp. are down by more than a third from their peak in May. Smaller companies have been hit even harder. The value of consultancy Ernst and Young's index of 20 oil and gas companies listed on London's Alternative Investment Market, or AIM, has halved since the beginning of 2008. But the major companies have low levels of debt and the production and cash flow to get them through tough times. Many of the smaller companies don't. "Against the backdrop of high and volatile commodity prices and a nervous market environment, many of AIM's junior oil and gas companies are finding it increasingly challenging to secure funding from investors," said a report from Ernst and Young. "Without cash, a company cannot progress from exploration activities to the development and production phase." The smaller exploration and production companies "have no access to equity markets and no access to debt markets," said a London-based banker who advises on corporate transactions in the energy sector. "Anyone with a hint of financing problems has been whacked," and many of them will either go bankrupt, be forced to find a buyer or cut expenditures to the bone and drift along as "zombie" companies, the banker said. There is plenty of evidence of AIM-listed companies facing funding difficulties and cutting expenditures. Canadian company Oilexco Inc., which is active in the U.K. North Sea, lowered its 2008 production estimates and said it was having difficulty raising its credit lines to $1 billion from $700 million because of "unprecedented liquidity and volatility issues." In September, London-based Sterling Energy PLC was forced to issue new equity at a one-third discount to its share price and sell a portion of an oil field in Iraqi Kurdistan to raise funds. Such problems create opportunities for larger companies with secure credit lines and stronger cash flow. "Everyone is expecting a big pickup in (merger and acquisition) activity," said Andrew Bartlett, global head of oil and gas corporate advisory at the Harrison Lovegrove subsidiary of Standard Chartered Bank. "I look at '98 and '99 and see a lot of similarities." The end of the '90s, when the oil price dipped to around $10 a barrel, saw the last great wave of consolidation in the sector. BP bought U.S. companies Amoco and Arco, Exxon merged with Mobil and Chevron began merger talks with Texaco. 'Everyone Is in Play' "There is fantastic value across all the sector. It's fair to say that everyone is in play, from the very big to the very small," said Bartlett. The best opportunities are for the major companies to pick off smaller players and boost their reserves. "The companies that have gone -- Imperial Energy, First Calgary -- have all had a very large undeveloped resource base," he said. India's Oil & Natural Gas Corp. has made a $2.59 billion bid for Imperial, which has large reserves in Russia that haven't yet been developed. Italy's Eni SpA agreed last month to buy First Calgary Petroleum Ltd. for $868 million. "Companies with more than 100 million barrels of oil equivalent of commercial or near-commercial resources...are in our view the most likely takeout targets," said a report from the research arm of corporate advisers Fox Davies Capital. It listed JKX Oil and Gas PLC, Regal Petroleum PLC and Cadogan Petroleum PLC, all of which are developing resources in Ukraine, among likely targets. The steep drop in share prices recently means that even larger companies whose funding is secure may also be vulnerable. "I'd be very surprised if one of (the major oil companies) doesn't snap Tullow up just for the Jubilee field in Ghana," said Wachtel of Watson, Farley & Williams. At Tullow Oil PLC's current share price, "you could buy the jewel in the crown for 30% less than it's worth and get everything else for nothing." "Cairn is exactly the same story. So there's a lot of opportunity out there for people with money and the appetite to go and do some of these deals," Wachtel said. The London banker said North American gas is likely to be a big focus for the majors. Oklahoma-based gas-producer Chesapeake Energy Corp. looks particularly vulnerable, he said. Chesapeake has been selling assets and cutting back on drilling as U.S. natural gas prices have fallen. The company also drained its credit facility to boost its cash on hand. Chesapeake has already sold large stakes in two shale gas resources to BP, which has expressed an interest in further deals. The banker said Oklahoma-based Devon Energy Corp. and Texas-based Anadarko Petroleum Corp. are also potential targets. "I think the majors are gearing up for more substantial transactions," the banker said. ExxonMobil and BP are the most likely acquirers because both are cash-rich, but don't have enough projects in the pipeline, so will need to buy more reserves, he said. "The trigger point is Jan. 1," by which point banks should have less doubt over their own balance sheets and be willing to back deals again, the banker said. Even then they will remain cautious and $20 billion to $30 billion may be the maximum size of any cash deal, he said. Given the febrile state of equity markets, Bartlett of Standard Chartered said all-share takeover deals, such as Salamander Energy PLC's recently withdrawn offer for Serica Energy PLC, are unlikely to succeed. "For companies with a hole in their production profiles in the longer term, this will be the time to seize the day and replenish the portfolio with quality reserves at low prices," said a report from analysts at broker Sanford Bernstein. However, the Western oil companies won't be the only bargain hunters out there. Jiang Zemin, the chairman of PetroChina Co. Ltd., told a shareholders meeting in Beijing this week that he was also looking at buying foreign oil companies caught short in the financial crisis, according to the China Daily newspaper. "The Chinese are definitely back in M&A markets," said Bartlett. They weren't active this year, at the top of the cycle, but they have the cash and are definitely value buyers, he said. Copyright (c) 2008 Dow Jones & Company, Inc.
24/8/2008
11:21
the_isolator: FOR a man who has seen £100m of his net worth eroded in a matter of weeks, Ayman Asfari is remarkably sanguine. The chief executive of Petrofac, the FTSE 100 oilfield-services company, said he was "not too bothered" by the share-price fall, or his likely reduced standing in the Sunday Times Rich List. Asfari owns 18% of £2 billion Petrofac. "Explaining the volatility to some of our shareholders can be difficult," he said. "But I am a long-term investor. I am not selling my shares tomorrow." Like every other company in the oil sector, Petrofac has had rough treatment of late as the oil price has dropped back from its July peak of $147 a barrel. Since June, Petrofac's share price has fallen 20%. At one point, it had lost nearly 50% of its value before recovering. Related Links Oil price rallies over tensions with Russia Western oil demand set for huge fall To investors it seems to matter little that next week the company will reveal what are expected to be its best-ever results. Deutsche Bank is forecasting net income of $113m (£61m), nearly 50% up on the same six-month period last year. "The demand for the services sector is as robust as ever," Asfari said. "The downgrading of the sector is overdone. We have more opportunities today than we ever had before." Petrofac is not alone. Virtually every UK oil-services company has taken a hammering. Indeed, the percentage fall of the UK index of these companies has matched the oil price fall exactly. The run-up in share prices before the correction did not follow the same pattern. "When oil hit $147 a barrel, the market didn't believe it. It didn't take it into account when pricing these companies," said Brendan Wilders, an analyst at Oriel Securities. Indeed, some companies, like Salamander Energy, have been hit hard and are now trading at or below the net asset values of their producing assets. The upshot is that many companies look ripe for takeover. "This is an industry prone to M&A \ and people will start to see some real value exposed again," said Wilders. It has already begun. Russia-focused explorer Imperial Energy, for example, is at the centre of a bidding war between the state-owned oil companies of China, India and South Korea. John Wood Group, another oil-services firm, was last week the subject of takeover rumours that sent its share price up. This week virtually every constituent of the FTSE 100 and FTSE 250 exploration, production and service sectors will report earnings. There will be record performances. As one banker said: "Given what most of these companies are worth now, next week is going to be like a beauty pageant." Even with the recent drop, the oil price has still not slipped below $110. More importantly, it is miles beyond the foundation on which companies base their business models and drilling programmes. "All our projects work at prices lower than where we are at the moment," said James Menzies, chief executive of Salamander. "Some of our producing assets work at $20 a barrel." The rest is cream. Phil Corbett, an analyst at Royal Bank of Scotland, said valuations have slumped to a level appropriate for oil at $70 a barrel. "The sector is oversold. It's due for a bounce," he said. Based on his assumptions about the oil price, which he admits are on the bullish side - an average price of $115 this year, $125 for the following three years, and then back down to $105 in 2012 - "there is 30% to 50% upside in these companies' share valuations." Companies that have high-impact drilling campaigns - those that could lead to a big change in their production profiles and therefore increase the value of the company - are seen as the most likely to get a boost in the coming months. Tullow Oil, Dana Petroleum, Premier Oil, Salamander and Venture Production are among those tipped by analysts. Even the most bearish analysts don't expect the oil price to fall back below $100 a barrel. Datamonitor, the intelligence group, predicts that "prices are unlikely to ease much in 2009-10, with further pressure expected by 2011-12, not least as Opec will struggle to match demand with actual supply". For oil-services groups such as Petrofac, Amec, Wood and Wellstream - all of which report this week - high prices are especially helpful because it means their clients can afford bigger projects. Analysts will keenly watch order backlogs, which remain at historically high levels, according to Goldman Sachs. The result: record-breaking amounts of cash flowing into the sector at a time when, in some cases, companies are trading at historically low multiples. Simon Lockett, chief executive of Premier Oil, said: "There is constant chatter across the industry about consolidation, but the simple fact is that not much has happened, and that has surprised me. "The issue is the oil-price volatility. It causes management real problems when trying to value businesses. When there is a bit of stability and people get some breathing space, deals will start to get done."
10/5/2008
12:24
leedskier: I have noticed an increase in the shares on loan by 1% since the Nil Paids began trading. I also watched L2 closely yesterday and there was clearly some short selling when it hit 1000 (1400 old money). If I had bought Nil Paids when they dipped down to @ 250 on Wednesday, and sold @ 400, my profit would be 60%. Even buying @ 275 and selling @ 375 = 36.36%. Having sold the Nil Paids, I can either bank the profit or buy fully paid IEC shares. If I wanted to buy fully paid shares (rather than convert the Nil Paids I had bought and resold)I would want the share price to fall. A quick example may suffice. Profit per share trading Nil Paids, 150. Buy fully paid @ (say) 900. Net cost 750. So as a trader who had not owned IEC shares pre rights, I would have suffered no dilution. If I had converted the Nil Paid shares I had bought @ 250, with conversion costs of 600, the net cost of a fully paid share would be 850. By selling the Nil Paids @ 400 and buying fully paid @ 900, the net cost is 750, gain of 16.66% c/f 5.8%. If I short the fully paids down from 1000 to 900, I guess the profit becomes rather more. The answer as to where the share price goes from here until the Nil Paid trading period ends, will depend upon market sentiment. At the current price of Nil Paids, I cannot see any advantage to intending buyers of fully paid shares, using the purchase of Nil Paids as the entry point, unless they wish to defer payment of the conversion cost. The Director buys would appear to preclude 'News' for a period of time. Firm news of tax cuts in the Russian oil sector would undoubtedly help. Notwithstanding the foregoing, subject as always to any spilling of the political apple cart, it would be surprising if the additional does not add value the share price. The major driver of the share price may be evidence that the 'local production difficulties' in Q1, have been addressed and resolved, leading to production meeting or even exceeding forecasts.
06/4/2008
13:25
leedskier: MJ & Stuart are you both going to take up rights, if offered? Sorry to keep prattling on about this, but I was told in February(from an impeccable source) that half IEC was up for sale. (1) Assuming half is sold, (I am not brilliant at these sums)I guess the company would need a EGM to issue whatever would equal 50% of the enlarged share issue; (2) Current shares in issue 51.3m; Current Market Cap £683.49m (IEC wants to raise £300m); (3) If it goes to a rights issue at what Peter referred to a 'material discount', what price the rights? ALM did that in December 07 and PAG (I think earlier this year). See the RNS for PAG as to what then happens to the share price (ALM got similar treatment) LONDON (Thomson Financial) - Paragon Group of Companies PLC, the troubled mortgage lender, said it has received valid acceptances in respect of 258,075,437 new ordinary shares, about 90 pct of the total number of new shares being offered to shareholders thorough its 25-for-1 rights issue announced on Jan 11. Paragon said UBS will be seeking to procure subscribers for the remaining 28,934,843 new ordinary shares for which valid acceptances were not received. The 287 mln stg rescue rights issue was offered at a 90 pct discount to Paragon's share price at the time, but the shares have since dropped to just above the issue price of 100 pence. At the close yesterday, they were trading at 102 pence. The proceeds from the rights issue will be used to repay the group's 280 mln stg corporate facility which is due by Feb 27. (4) I read on Citywire why the market drives the share price down post rights, but the technical reasons are beyond me (but I guess any good stock broker would know) guess it may have something to do with valuing all the shares at the same value and the impact of rights being dripped onto the market (at a premium to the purchase price) causing a massive overhang.
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