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

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

austing2253,

There you are, I told you it was a lousy deal!

Sadly, it looks as though Silverpoint will still have the option to raise their options of virtually 100% of the company at 27p, and I see that as a major negative.

This is a small step in the right direction IMO, but the options issue is the major obstacle IMO.

Thank you Andy - your advice is very welcome.

Good assessment, Andy. Frankly the company would have been better off charging their borrowings to a credit card. The lender clearly thinks the co has a lousy risk profile, otherwise there's no way they'd be charging so much.

AGM statement - REsolutuion # 8, to increase borrowing REJECTED by shareholders!

What on earth are they trying to do borrowing more money?
=============================================================

Cardinal Resources plc
27 July 2006


CARDINAL RESOURCES PLC ANNOUNCES RESULT OF AGM

LONDON - Thursday, 27th July 2006

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas production and exploration company operating in Ukraine, announces
that at its Annual General Meeting held today, resolutions 1-7 proposed to
shareholders were passed on a show of hands. Resolution 8, with respect to
increasing the Company's borrowing powers, was rejected on a poll, with 69.45%
of shares being voted in favour and 30.55% against.

###

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


Notes to Editor

Cardinal Resources plc

Cardinal Resources plc is an independent oil and gas company engaged in the
acquisition, development, production and exploration of oil and natural gas
properties in Ukraine. Cardinal is an experienced operator in the country
focused on expanding its existing operations through the farm-in or acquisition
of additional upstream oil and gas assets that can be further developed through
the application of modern technology and expertise.


This information is provided by RNS

Positive drilling update and no sp movement, nor any buys.

Weird.

CDL is featured in this article from proactiveinvestors.com.

Click HERE


It's an upbeat report, and if registration is required to view it, it's free and painless!

Good news today.


http://www.investegate.co.uk/Article.aspx?id=200610261307530996L

Interesting little point picked up from the RNS today :

"The BC No. 3A Well was drilled using a Ukrainian "hybridized" drilling rig,
developed by Cardinal, which reduced the drilling time from a forecasted eight
months to 76 days."