LONDON (ShareCast) - Bid target Imperial Energy said it is on track to achieve 25,000 barrels of oil per day (boepd) and 35,000 bopd by the end of 2009.

The group said current rate of production is in excess of 11,000 bopd and increasing.

For the half-year, pre-tax losses were around the same at £18.7m from £18.3m before. Oil sales surged to $67.5m from $4.2m before.

The group drilled 30 new production and pressure support wells with a further 30 expected to be drilled by year end.

“The first half of 2008 has been a significant period for Imperial. Operationally, we have addressed our earlier production issues and with oil now flowing through our third new pipeline we are rapidly increasing production. With funding now in place and encouraging new results from Kiev Eganskoye, we are confident of delivering on our objectives,” said the group.

On Tuesday, Imperial reached agreement with ONGC Videsh for a 1,250p per share offer, worth around £1.4bn.

• News Channel