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A little known Oil play floated on AIM in 2005 has a lot in common with JKX Oil and Gas. Cardinal Resources, based in the Ukraine is cutrrently producing 1172 boepd with plans for massive future development. See presentation here http://www.cardinal-uk.com/Cardinal_Factsheet_14_03_06.pdf

For further in depth research see their web address:
www.cardinal-uk.com

I would welcome your views.

LONDON Friday, 21st July 2006

Cardinal Resources plc (AIM:CDL) (Cardinal or the Company), an independent oil and gas production and exploration company operating in Ukraine, was today notified that Robert J. Bensh, Chairman and Chief Executive Officer of Cardinal, purchased 99,000 Cardinal Ordinary Shares at a price of 18.25p on 20th July.

Mr. Benshs total holding in the Company now equals 1,662,533 Cardinal Ordinary Shares, or 1.5% of the issued share capital.

Interesting stuff, Austing - I agree the co looks undervalued, but the debt/warrant situation pointed out by Andy is nasty.

Cardinal have been delisted from AIM!

Commiserations to any holders here.

Media comment, click HERE



Soultraders,

The debt/warrant situation mentioned seems to have ben a major stumbling block here, and was a clear warning IMO.