I have considered investing in an unknown oil minnow that is operational in the Ukraine and potentially of the same calibre as JKX Oil and Gas.

Does anyone know about this company or have any thoughts?

Gerry

Amities / ...Bonne matins / Slt ..... A small point; but may give a clue as to the relative futures of both JKX and CDL. Directors and institutional supporters in JKX have been busily selling whilst thier counterparts in CDL are buying . l think you have to measure each company on thier individual merits as opposed to the general geopolitical background that constitutes the Ukraine .Furthermore. although, in reality West and East Ukraine are like different countrys in all but name with the former looking to Moscow and the latter to the Europeon union l agree strongly with Andy that whether Yushchenko or Yanukovych wins the forecoming elections it will be strictly business as usual . And for the very same reasons he mentions . Also Shell have farmed into a 10 NAK licenses { CDLS strategic partner } in the Dniepr Donets with a worth of $100 million. Malcom Brinded, Shells executive director for exploration and production clarified " This is a significant move as part of our stratagy to add more integrated gas to our porfolio . .All in all i would venture to say all looks well in the garden of CDL ...,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, . One variable for sure is that CDL revenues/ receipts for gas have risen 34% in the last half of year. l can only assume the story will be much the same at JKX. . But whereas l currently feel every drip of good news is factored into the JKX s/p , CDL is only juste hitting attracting the interests /radars of the bigger players . ..{ juste for the record i own a substantial amount of both JKX and CDL .} Bonne chance / a'bientot ...@+ J ..

TFC,

I am going to attend oilbarrel, so will post my thoughts after the presentation.

There is another Ukranian oil and gas play presenting, due to list on AIM soon too.

Three days to go before the Ukranian Elections. Any ideas what difference this makes to the CDL negotiations to buy back into their JV partners to regain their 45% interest? I'm hoping for good news and awaiting for the shares to climb nearer to their true potential.

Can anyone shed any light on what's happening in the Ukraine? JKX price has jumped recently - was that on good news about the election?

JKX, bid rumour also oil price.

austing2253,

According to the weekend press, JKX' jump on Friday was due to "vague takeover rumours", so I would exect the price may retrace somewhat, unless it's true (which I doubt) of course.

Some of the rise would be down to the renewed bullishness in the oil and gas sector, and the higher prices they are receiving for their oil and gas, so I expect all producers such as JKX to move up anyway.

The latest news may not be so good, as the lady that wants to re-nationalise everything seems to be returning to power!

The news article is HERE

Thanks for that Andy. And what would happen to JKX & CDL shares if she were to renationalise them? Would I be paid for them or loose the lot?

Andy, you were going to post your thoughts after the Oil Barrel conference. Earlier thread on 12th March. Do you think it wise to cut my losses and sell these shares while I'm ahead?

austing2253,

JKX were operating in the Ukraine under the old socialist regime, so I am not selling mine as I think the western governemnts would not allow her simply to take out our companies without compensation.

She also wants to tear up the gas agreement with Russia, agreed in January by the guy that has just employed her! Again, unlikely to happen IMO.

With regard to theOilbarrel conference, I thought the Cardinal presentation was very positive, and once they have repurchased the share of the field they lost a couple of years ago, I will probably invest, subject to having some funds.

The CEO made the obvious comparison with JKX, and on a strict fundemental comparison basis, Cardinal look cheap.

What he didn't take into account was the potential of JKX, with it's various projects, such as the Georgian offshore block.

Cardinal looks a solid enough company to me, and IMO should do well in the future, given that oil and gas prices look set to remain high, and are more likely to rise than fall in the near future if Iran turns nasty.

Austing2253,

I have to confess I cannot find my notes, I may have left them in London.

Here is the write up from the conference.



CFO Charles Green updates Cardinal's activities in Ukraine

Green believes that as these reforms bed down and gas prices converge with those in Europe Ukraine will become as increasingly attractive investment proposition for E&P companies. Cardinal plans to be part of that proposition and intends to build a reserve base of 100-200 million boe within the next three to five years.

We think we have a consolidation period of about 18 months to two years before theres more attention paid to this marketplace, said Green. We plan to create a footprint investment in the region and present it as a sale or merger opportunity for a larger E&P.

Thanks for that Andy, very informative as always. I think I will hang in with CDL & JKX. Best wishes with yours. Gerry

Gerry,

You were too quick!

CLICK HERE to link to their Oilbarrel presentation.l

Has anyone any news at all about CDL? All seems to have gone very quiet?

austing2253:

Here is an article on CDL,just out.The site is free to register and is very useful.

http://www.proactiveinvestors.com/registered/articles/article.asp?CDL

Cardinal Resources plc: If you can look past the surface, Cardinal is an interesting E&P play on Ukraine
Production and commercial achievements have been overshadowed during the year by the Company's physical and legal defence of its assets. ... long-term is our commitment to Ukraine and our determination to operate in accordance with both Ukrainian and international law."

austing2253,

if you read the article, the reason for the share price being in the doldrums will become very apparent!

I cannot see any major move above 27p in the near future on current news.

Thanks h.hairettin & Andy

A very interesting article and http://www.proactiveinvestors.com/ will be kept as a useful reference for the future.

I am in for the long term with CDL and am expecting there to be a bumpy ride ahead. I missed out on JKX in the early days buying in at 1.16, so a nice profit to date.

Once again thank you for the info.

austing2253,

I don't expect too many bumps, but not much of an increase either, to be honest.

Good drilling news may change that of course, but until then, we can only go on the information in the public domain.

CDL factsheet available here:

http://www.cardinal-uk.com/Cardinal_Factsheet_21_06_06.pdf

DIRECTOR HOLDINGS IN COMPANY

LONDON Wednesday, 26th 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 Marcus Stanton, Non-Executive Director of Cardinal, today purchased 50,000 Cardinal Ordinary Shares at a price of 18.5p.

Mr. Stantons total holding in the Company now equals 175,000 Cardinal Ordinary Shares, or 0.15% of the issued share capital.
###
For further information please contact:
Cardinal Resources Parkgreen Communications
Kate Spiro Justine Howarth / Victoria Thomas

+44 (0) 20 7936 5258 +44 (0) 20 7493 3713

kspiro@cardinal-uk.com victoria.thomas@parkgreenmedia.com

CARDINAL RESOURCES PLC ANNOUNCES AMENDMENT TO SILVER POINT CAPITAL INTEREST PAYMENTS

LONDON Wednesday, 26th July 2006

Cardinal Resources plc (AIM:CDL) (Cardinal or the Company), an independent oil and gas production and exploration company operating in Ukraine, today announces an amendment to its interest rate payments with Silver Point Capital (SPC).

In December 2005, the Company announced a $38 million two-year bridge facility with SPC with a coupon rate of 15% per annum in the first six months, rising to 20% per annum and then another 1% per annum for every quarter thereafter until maturity, payable quarterly in cash or with payment-in-kind notes. Subject to any necessary shareholder and regulatory approvals required, it is still intended that the $38 million facility will be replaced with a five-year senior PIK note facility. Pending receipt of such approvals and until further notice, SPC has confirmed that it will vary the terms of the earlier agreement and continue to charge a lower interest rate of 15% per annum.
###
For further information please contact:

Cardinal Resources Parkgreen Communications

Kate Spiro Justine Howarth / Victoria Thomas

+44 (0) 20 7936 5258 +44 (0) 20 7493 3713

kspiro@cardinal-uk.com victoria.thomas@parkgreenmedia.com