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,

Apart from the fact that both companies operate in the Ukraine, what are the other similarities between Cardinal and JKX please?

fao austing 2253

directors recently bought alrge quantity of hsares at around the 20-21p mark
sp jumped up to around 30p but has slipped back this week
I dont know why

I like the company
mind you I like the area

have you been to web site
have you checked other BBs....iii.co.uk
advfn etc

many views once you get past the opinionated rampers who seem to spend all day exchanging comments with each other

Yes, I've been all over, I have quite a few JKX shares and wondered if CDL could go north likewise.

well i am certainly hoping for a JKX repeat

i was/am in at 14p (average) (2000)


CDl from 18.5p

I guess it may take a few years but worth the wait IMO

austing2253, anotherxiii,

But apart from being geographically located in the Ukraine, I was wondering what other similarities there are between JKX and CDL?

JKX have exploration in USA, Italy, Bulgaria, Turkey, and offshore Georgia, in addition to production in Ukraine, do CDL have any other assets, or are they only based in the Ukraine?

hi andy

try looking..........< >>

JKX have the assets you refer to
but they didnt used to !
assets take time to aquire/build up and more importantly develop and come 'on stream'

so yes JKX is looking good but 6 years ago it would not have appeared much different to cardinal

IMO
its always best to do your own research rather than take notice of people (like me) who you7 dont know from Adam!
JKX worked well for me and has more than paid for a good few others that have not!

dont know what happened there

it meant to read

try looking ............http://cardinal-uk.com/

good luck

anotherxiii,

As you already seem to know about CDl I was hoping for a brief synopsis without checking all through the website, as I am pushed for time today.

If you take the link you copied, and click the chain icon above the box, paste the link into the box, and a second box will apear, where you can input text, such as HERE.

So you can find the CDL website by clicking HERE

you've lost me!

I found him his above me

Thanks Guys

You've been really helpful. I'm in now with this one and hoping for a repeat of JKX.

Lots of positive indicators from doing research into this company but.....does anyone know when the negotiations to increase their stake in the RC Field to 45% is due to complete and why RAB Capital sold their shares?

This company looks a long term buy particularly as they are producing and plan to enhance their asset base and improve production in the context of Ukraine's Gas Price issues with GAZPROM.

RAB are allways buying and selling they holdings, and they tend to sell their best shares, such as selling a 15% holding in GFM, its to do with the cash flow among they funds .

aldwickk, many thanks, what are your views on HEP?

.http://www.nauticalpetroleum.com/

Thanks aldwickk, understand the connection (St L Permit) will look into.

Silvermede, I havn't got a view on these at the moment.

Aldwickk, understand and as always I will DMOR

I found this tip when I was clearing out my mailbox, it's from about a month ago.
-------------------------------

The recent news from Ukraine seemed unfavourable as far as oil and gas companies are concerned, dealing as it did with the so-called gas price war with Russia.

But the share price of the London AIM-listed Cardinal Resources has seen a strong rise in recent days and there could be more to come. This could have something to do with a couple of broker's reports which suggest in terms of European gas supply Ukraine could find itself well placed over time. More likely it is the latest operational and financing update from Cardinal itself that has provided the lift.

Cardinal has interests in the Rudivsko-Chernovozavodske (RC) and Bytkiv-Babchenske (Bytkiv) fields, which it operates in partnership with NYSE-listed JSC Ukrnafta, the largest oil producer in Ukraine. In addition, in October last year Cardinal acquired the Rudis Drilling Company. This meant three new licence areas and a Joint Activity Agreement (JAA) with Ukrgazvydobuvannya (Ukrgaz), a subsidiary of Naftogaz Ukraine, came into the Cardinal fold.

All this has meant Cardinal now has 20 wells in production, with two makeovers in the last six months and a further four workovers expected to be completed during the first quarter of 2006. The company's net reserves are now put at 27.5 million barrels of oil equivalent - 50 per cent higher than four months ago - and production has doubled to a daily average of 1,172 boepd. Most of the output came from the Bytkiv field which is an oilfield located in the Carpathian fold belt, 45 km southwest of Ivano Frankivsk in the Nadvirna Oblast. Twelve wells are producing in the field.



Robert Bensh, Chairman and Chief Executive Officer of Cardinal, says a priority for 2006 is to restore its position in the RC field. The RC field is a large underdeveloped gas field (1.54 trillion cubic feet of gas in place) located in the Dnieper-Donets basin, 200 km east of Kiev in the Poltava Oblast.

Cardinal formerly traded as Carpatsky Petroleum on Toronto's Venture Exchange before being delisted in June 2003 for failing to file financial statements and pay the Exchange's annual fees. This in turn meant its stake in the RC field was cut back to 14 per cent when it was unable to fund its share of the work programme.

Following a financing by Silverpoint Finance in December 2005 when US$38 million was raised, Cardinal is negotiating to reinstate its net profit interest in the RC field from 14.9 per cent to 45 per cent. This will provide a considerable boost to reserves and production and significantly increase Cardinal's footprint in Ukraine.

As for the prices received for gas Bensh says: "I maintain my view, based on the trends we have experienced so far, that domestic gas prices will continue to increase with positive implications for Cardinal. Since the IPO [on London's AIM] in April 2005 we have already experienced a rise in the average sales price of our gas.

He continues: "In light of the recent disruption in gas supplies from Russia and the increase in imported gas prices there is an even more pressing need for Ukraine to attract Western technology and increase foreign direct investment in the energy sector to increase domestic production."

At 28p, Cardinal Resources is a buy.

Key Data

EPIC: CDL
Price: 27.5 - 28.5p
Market : AIM

By - Stewart Dalby

well found Andy
its always good tos ee a positive press article