India-courted Imperial Energy says cuts losses

LONDON (AFP) - Imperial Energy, facing a takeover by Indian peer ONGC, said on Friday that it had reduced its losses during the first half of 2008.

The Russia-focused British company said in an earnings release that its net loss stood at 18.9 million dollars (12.8 million euros) in the six months to June 30, compared with a loss after tax of 20.7 million dollars during the first half of 2007.

Indian state-run oil giant ONGC had on Tuesday announced a 2.6-billion-dollar deal to buy Imperial Energy as it seeks new fuel sources to power the country's fast-growing economy.

The bid by India's biggest oil producer, Oil and Natural Gas Corp (ONGC) for Imperial Energy offered shareholders a 62 percent premium on the stock price on July 11, the day before the company said it had received a takeover approach.