Imperial Energy's offers for shares, 5.95% convertibles to close March 9

By Jennifer Chiou

New York, Feb. 26 - Imperial Energy Corp. plc announced that offers by ONGC Videsh Ltd. for its $191.3 million of 5.95% guaranteed convertible bonds due 2014 as well as its shares will close at 8 a.m. ET on March 9.

On Aug. 26, 2008, the Jarpeno Ltd. subsidiary of ONGC Videsh and Imperial Energy announced terms of a pre-conditional cash offer for the 5.85% convertibles.

Also on that date, the companies announced the terms of a pre-conditional cash offer to be made by Jarpeno for the entire issued and to-be-issued ordinary share capital of Imperial Energy.

Announcing the closing, the company added that cancellation of the listing of the Imperial Energy shares on the London Stock Exchange has been made.

Since it has been six weeks from the date of the compulsory acquisition notices, Jarpeno has acquired compulsorily all outstanding Imperial Energy Shares on the same terms as the offer.

Imperial Energy shareholders who wish to accept the share offer and hold their shares in certificated form should submit to Capita Registrars (0871 664 0321 or 44 20 8639 3399). Questions can be directed to the Bank of New York Mellon Global Corporate Trust (44 1202 689593).

Imperial Energy is a London-based oil and gas drilling company with operations in Russia and Kazakhstan.

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