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,

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."

Oh dear!




Cardinal Resources plc

RNS Number:5151L
QVT Financial LLP
03 November 2006


Cardinal Resources plc

Miscellaneous



Europa Partners Limited


3 November 2006


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM AUSTRALIA, CANADA,
JAPAN OR THE UNITED STATES


QVT Financial LLP
appointment of
Europa Partners Limited
in relation to shareholding

QVT Financial LLP ("QVT"), the London based investment advisor, has appointed
investment bank Europa Partners Limited ("Europa Partners") in relation to QVT's
interests in Cardinal Resources plc ("Cardinal Resources").


QVT has instructed Europa Partners to pursue the implementation of possible
strategies for improving the value for its shareholding in Cardinal Resources
which it does not believe is reflected in the current share price. This may
include an outright sale of QVT's shareholding. QVT Fund LP, a fund advised by
QVT, currently owns 18,545,000 Ordinary Shares of Cardinal Resources,
representing 16.18 % of the outstanding equity.


Commenting on this development, a spokesman for QVT said, "Cardinal Resources
floated on AIM in April 2005 at a price of 32p. At last night's close, the
shares stood at 11p. The latest calculations of net asset value per share are
45p, a reflection of the rise in energy prices over the last two years. Yet
Cardinal Resources' share-price has languished. We believe this to be due
primarily to inappropriate financing structures and bloated central costs."


The spokesman added, "We have tried to engage management in a constructive
dialogue and in particular to obtain full information on the recent financing
structure put in place with Silver Point Finance, but have not succeeded. We
have therefore appointed investment bankers to examine other alternatives."


QVT has advised Europa Partners that it intends to continue to be able to trade
in the securities of Cardinal Resources and not to become a party to information
the possession of which would mean it would be unable to trade freely.

oh dear what?

Thats good news!!

tHINGS ARE LOOKING UP??? aNYONE GOT ANY NEWS?

have a look on iii co.uk
a couple of extra postings
a longer thread and access to 'news' showing stakeholding(s)

Thanks for that, I am a signed up member but rarely visit iii.co.uk.

iii are like the grand old duke of york!!
(if you old enough to know!
its probably not PC nowadays!)

when they are OK they are OK

when they are not then they are very much not!

hence my posting name here!

Good to see a slow rise in SP...

Could be an interesting quarter this one for CDL. We might, only might, see a sharp rise.

DYOR !

Nice update from CDL today.

http://www.investegate.co.uk/Article.aspx?id=200705080701151795W


*********************************************

And the comment of Zengas is a good summary of that update imo :

ZENGAS - 8 May'07 - 07:42 - 1545 of 1547


Very positive update this morning.

Wells 3a, 13, 111 & 110 to be tied in to GGF by end of this Quarter (on schedule).

Conservative figure of 1,400 boe expected from those 4 wells.

NOTE WORTHY - "oil & gas production volumes were above budget for quarter 1."

Although 80% of current production is stored until pricing structure confirmed in writing (rather than verbally from the Govt) the figures are very interesting.

It states that due to the production (80%) currently stored, this is equal to a reduction of $450k in sales which equals $360k EBITDA.

Therefore (100%) 1,000 boepd production = $450,000 ebitda.

At the end of this quarter ebitda (on the expected 2200 boepd) should equal over $1m/month or 500k or 6m per year.

If the workovers of well 17 & 9 are completed by year end to add a further 800 boepd.
Ebitda going forward in 6 months time should equal over $16m/8m per year.

Excellent growth point with a further 7-8000 boepd of possible additional production in 2008. Future projections should range from 8m to a possible 29m in ebitda and the RC re-instatement is still on the cards.

Present mkt cap = 20m (undiluted).

Now this is music to my ears... I couldn't believe that all my research was suspect. A long way to go to recoup their highs of .30p, but with good figures like this it may be much quicker than I thought.

From AFN :

bb44 - 10 May'07 - 09:17 - 1569 of 1569

Cardinal Resources confirms 2007 production profile;

In its May 8 press release, Cardinal Resources provided a brief update of its production profile for 2007. The company confirmed that its gas gathering and separating facility will be launched on time, or by the end of 2Q07 as was originally planned, with 80% of the project completed to date.
Cardinal Resources has completed a 25 km2 3-D seismic survey at the Dubrivska license area. The company also plans to conduct a 65 km2 3-D survey at its Bilousivsko-Chornukhinska area and a 35 km2 3-D survey at the
North Yablunivska area in 2007, in line with initial plans. Cardinal Resources reiterated that its exit rate for 2007 production is approximately 3,000 boepd, which corresponds with our expectations.
Cardinal Resources also noted that it still prefers storing produced gas rather than selling it for household needs at limited prices. Essentially, the company is waiting for the Ukrainian government to clarify in writing whether production by JAAs involving a foreign partner (such as Cardinal) is subject to sales price restrictions.

We view this news on delays in gas sales as NEUTRAL for Cardinal Resources investment case. As we understand it, management is ready to resume sales at any time and at capped prices as mandated by current regulation. This is basically the scenario on which we base our valuation.
Moreover, Cardinal noted that Silver Point Capital has granted a waiver of covenants, in order to adjust for decreases in cash flows due to delays in sales.

CDL.LN BUY

Closing Price: $0.35
Target Price: $0.72
Upside: 106%

We reiterate our BUY rating for Cardinal Resources, with a 12M target price of 0.37/$0.72 and 106% upside.

antherxiii,

News update

Click HERE