One of the UK’s biggest independent oil companies has called on the Financial Services Authority to intervene in an asset dispute with Russia.

The move threatens to blow open a battle between Imperial Energy and the Russian Ministry of Natural Resources over the company’s future in the country.

Imperial said it was writing to the FSA regarding “certain matters affecting its share trading and share price”.

It is understood the group is concerned that short-sellers in Russia have targeted the stock in attacks coinciding with threats from the Ministry to revoke Imperial’s licence.

Shares in the company have fallen 32 per cent since reaching an all-time high of 1510p in April after Imperial revealed it was sitting on three billion barrels of oil and gas in Siberia.

The company recently survived an investigation by environmental regulators but the Russian Ministry has now called for a review of Imperial’s reserves estimates.

On Monday, a working group formed by the Ministry told the London Stock Exchange and the FSA it believed Imperial had overstated the figures.

Peter Levine, Imperial chairman, said yesterday: “We don’t know what the underlying motivation is, it can only be guessed at. We have still had no official contact from the Ministry.

“But it seems a coincidence these questions are being raised after we have invested $600 million, found the reserves, built a pipeline and are about to exponentially increase production.”

He added concerns about share trading were a “very serious matter”. The company has also served Section 793 notices on its shareholders to identify the ultimate holders of its stock.

Analysts yesterday claimed the Russian Ministry’s campaign was the latest thinly-veiled attempt by authorities to take back control of lucrative assets in the country.

One said it seemed an unknown party was trying to knock down Imperial’s share to buy the company “at below fair value”. Its fields in Siberia are surrounded by assets held by Lukoil and Gazprom.

Mr Levine said that “any petroleum engineer” could see that the reserves data, compiled by US consultancy DeGolyer and MacNaughton, was correct.

He added: “In June President Putin said Russian companies were eager to invest abroad, maintain jobs and contribute to economic expansion. We think he’s absolutely right and we want to do the same in Russia.

“We are not fearful about the company’s future in Russia, we should be flattered by all the attention we are getting.

Imperial’s reserves upgrade in March revealed the company had a total of 3.4 billion barrels of oil and gas. Proven and probable reserves were put at 803 million barrels - a 150 per cent upgrade.

The shares closed yesterday at 1020p, up nearly 2.5 per cent and valuing the company at more than £515 million. It was worth £760 million in April.

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