Regal Petroleum started trading on AIM recently. With the help of London broker
Evolution Beeson Gregory; Regal raised 10 million valuing the company at
34million.

Regal is raised the money to increase production in the so-called Chernihiv
field in Ukraine. Regal currently has a 75/25 joint venture with Chernihiv a
state owned exploration company and drilling enterprise. The Chernihiv field is
situated in the most prolific gas and condensate region of the Ukraine, the
Dneiper-Donets Basin. This Basin currently produces 90 per cent of Ukraine’s
gas and condensate. An independent report estimates that the Chernihiv field
has a total of proven and probable reserves of approximately 905bn cubic feet
of gas and 51.52 million barrels of condensate.

Over the years 18 exploratory wells have been drilled. Of these wells 12 have
been flow tested and demonstrated that commercial quantities of gas can be
produced.Regal says that a work over of the Mex- 3 well last July meant the
group commenced commercial production in August 2002. To increase production
rapidly Regal plans to drill more wells and work over old ones. It hopes to
have three wells in production by the end of 2003.





Corporate website : www.regalpetroleum.com

Gav,

Some good points, and I agree, there is possibly some bad news still to come, although if there is, I would have thought we will hear soon, as I would imagine they would want to clear the decks as quickly as possible.

I wonder wheter they will ask the institutions to stay onside for a while to give them a chance to turn it around?

I too am on the sidelines, but regret being out most of the day, as a S/B would have been tempting.

Andy,

Got to say, and Im sure you will agree that these guys coming into RPT have got a wealth of experience which is a big bull point for me. You wouldnt get to where these guys have got with other companies without being succesful.

You make a good point about clearing the decks as soon as possible, which is what I hope they do and is why I am watching from the sidelines. It will be interesting to watch how the insts play this over the coming months, it seems from the RNS's over the last few days that Merrills and Fidelity have reduced slightly.

What Im sort of thinking here is that it might be best to wait a while and see what unfolds rather than diving in. However, those who were brave enough have been rewarded for taking the chance. Think Id rather miss any initial surge to let the dust settle before taking a position, if I do. But yes a S/B over the last few days would have been a nice end to the week, but at least oils hitting new highs, $58.47.

It's all very well, but we need to bear in mind that this Company has little credibilty.

I will not buy however tempting it may seem just in case.............

Good luck to those that do, but I would say there are better investments out there.

There is also some money to be made here if you are brave.

SWW,

Well I agree with you that the previous directors have little credibility, but the incoming guys have masses of experience, and (IMHO) credibility, hence their arrival.

Clearly the name Regal Petroleum is tainted for now, but surely they themselves deserve a chance to prove themselves?

Maybe a change of name is in order, to clear out the traces of the old company?

Investors have been shocked by the disclosure that REGAL PETROLEUM blew 30 mln usd in Greece attempting - and failing - to increase the production of an old oilfield - Sunday Times

Says it all really.

http://www.uk-wire.com/cgi-bin/articles/200506201002457647N.html

The Board of Directors ('Board') of Regal Petroleum plc ('Regal' or the
'Company') announces that, on Friday 17 June 2005, the Company was notified by
solicitors acting for Peak Resources Limited of Hong Kong ('Peak Resources') of
the existence of a call option agreement dated 4 May 2005 (the 'Agreement')
purported to be made between the Company and Peak Resources.



It appears that this Agreement was signed on behalf of the Company by Vasile
Frank Timis who was, at that time, a Director of the Company. Mr Timis ceased
to be a Director of the Company on 7 June 2005.

SP holding and or rising on this news.

Dont think I understand what is happening here, I would have expected it to drop rapidly.

Regal Petroleum has admitted that it spent more than $60m on its ill-fated drilling programme in Greece last year, a figure that analysts believe was significantly more than the work should have cost, the FT reports.

perhaps timis has siphoned of some

Troedsson heads for London make-or-break Regal talks
By Sylvia Pfeifer (Filed: 10/07/2005)

The mysterious Swedish investor behind Peak Resources, the company which has the right to buy the best assets of Regal Petroleum, will fly to London this week for crunch talks with the oil and gas company's management.

Hans Troedsson is expected to meet with Rex Gaisford, the new chief executive of Regal, to try and reach an agreement about the status of the company's Ukrainian assets.

Frank Timis, Regal's controversial founder and major shareholder, signed a call option that would allow Peak to buy the assets, the only profitable part of Regal's business, at a knockdown price of $1.50 a barrel or $290m (167m) on current reserves estimates.

Timis, however, had failed to inform Regal's board of the deal. The agreement was signed on May 4, just days after Regal completed a rights issue and a month before it announced its main drilling prospect in Greece was non-commercial. The news, which sent shares in Regal plummeting, led to Timis's departure.

The Sunday Telegraph has also learnt that Peak approached Regal earlier this year about buying a stake in the company but the talks foundered.

WHERE IS THIS HEADING THAN,LOTS OF SELLING AT THE END,HOPING FOR SOME GOOD NEWS.

ateeq180,

Volume is tailing off, so may retrace a bit, but Regal is very news driven at the moment, so any good news would see the rise continue IMO.

crucial talks this week regarding the Ukranian assets that F. Timis has supposedly sold without board permission! I can't see how it's legal, but as they are negotiating, I guess it must be!

GOOD RISE FOR THE PAST FEW DAYS,AND NOTHING FROM ANY ONE AS TO WHICH DIRECTION THIS IS HEADING.

NO ONE INTERESTED IN THIS,AS MY EARLIER POST THIS ONE TO ME LOOKS LIKE HEADING BACK TO A REASONABLE LEVELS AFTER A SHARP DECLINE IN THE PAST TWO MONTHS.ANY VIEWS.

I'm in this ateeq180 ,and have been for the last couple of months ,,it's a bumpy ride, but has been going up nicely ,there is news coming in the next few days so i'm happy to hold for now..

Dads Army will work to make RPT climb back to previous high levels, in at 79 pence,d/army doing a great job so far.

Well just as Regal appeared to heading back from the brink, we have further trouble!
-----------------------------------



Striking workers seize Regal oil field
By Roland Gribben (Filed: 03/09/2005)

Regal Petroleum has appealed to the Greek Government for help after striking workers seized control of its tiny oil field north of Thessalonica.

The struggling Aim-listed oil explorer said yesterday it had issued instructions to halt operations but the 230 workers, in dispute over a cost cutting package, have ignored the order and are preventing managers from entering the field.

Rex Gaisford, chief executive, said: "We are concerned about the safety of the operations and the Greek Government is supporting us but it is difficult when we can't get access to the plant."

The latest drama in what has developed into a Greek tragedy means Regal has had to mothball plans to raise production and make the operation profitable and yesterday told the market it will fail to meet output and financial forecasts.

Regal has lurched from crisis to crisis since its shares, listed at 60p three years ago, peaked at 509p in March. In May the shares went into free fall, plummeting to 73p after the company cut Greek oil reserves by 70pc to 24m barrels and Frank Timis, chairman, chief executive and founder, was ousted after secretly negotiating a deal to sell the company's Ukrainian assets.

The shares, after staging a mini-recovery last month, dropped another 32p to 174p yesterday as the attempts by a new management team, headed by Mr Gaisford, an Amerada Hess veteran, to overhaul the troublesome Greek operations ground to a halt.

Regal's plans to halve the workforce and reform working practices unchanged since the 1970s formed part of a plan to more than double production from an unprofitable 1,600 barrels a day to 3,500 by the end of the year.

"The current working practices are like walking through a living museum," said Mr Gaisford.

Last year Regal spent $60m (33m) trying to boost reserves and is holding out to Greek ministers the prospect of investing another $160m-$170m in the Kavala Oil complex and other potential onshore and offshore exploration opportunities if it gets agreement to work reforms.

The Greek government, which owns the installations, has a business as well as political stake in the outcome.

Mr Gaisford says: "I am hopeful that there will be continuing value in the operations for Regal and its shareholders as well as the Greek nation."

The company hopes to complete a review of Greek and Ukraine oil and gas reserves by the end of the month. It is negotiating a revised package for the sale of the Ukrainian assets to Hong Kong-based Peak Resources after rejecting an initial $300m offer made to Mr Timis.

Regal Petroleum PLC
15 September 2005


Immediate Release 15 September 2005

REGAL PETROLEUM PLC
('the Company')

Ukrainian Update

The Board of Regal, having noted the recent movement of its ordinary share
price, is aware that there is continuing speculation in the market regarding
court proceedings relating to the former joint venture in the Ukraine between
Regal and Chernihivnaftogasgeology.

The Board is now able to confirm that the appeal referred to in Regal's
'Ukrainian Update' announcement dated 9 September 2005, will be the subject of
an appeal court hearing on Thursday, 22 September 2005.

A further announcement will be made once the appeal court ruling has been
delivered.


For further information, please contact:

Regal Tel: 020 7408 9500
Roger Phillips, Finance Director

Buchanan Communications Tel: 020 7466 5000
Bobby Morse




This information is provided by RNS
The company news service from the London Stock Exchange

Until then the price looks very unstable, thankfully i got out above 2 , but would have another go depdnding on news.

Dads army new board falling down on the job,time to get out for now

I'm back in ,they look undervalued at this price, time will tell ..
Risky play though.