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

from Today's Sunday Times!




The Sunday Times April 16, 2006

City probe into Regal Petroleum
AN investigation has started at the London Stock Exchange (LSE) into allegations that Regal Petroleum, the embattled oil company, misled the market over oil discoveries in Greece, writes Louise Armitstead.

The probe was prompted by revelations in The Sunday Times that Regal was told its crucial Greek oil well was dry just weeks before it raised 37m from City investors.

The exchange has primary responsibility for the regulation of the Alternative Investment Market, where Regal has been listed since September 2002. The senior City watchdog, the Financial Services Authority, is also looking into the matter. The LSE declined to comment.

A senior oil consultant who tested the Kallirachi 1 well said he told Regal management in January 2004 that the well was not commercial.

Regal insisted: We stand by the findings in the exploration drilling report on the Kallirachi 1 well. The announcements made at the time were from advice from professionally technically qualified advisers.

But the experts have distanced themselves from Regal.

louises possible motives are being discussed at length on the other board-if even some of the scurillous rumours are remotely true then things could get nasty.

I thoroughly agree PW, and have posted to that effect on "the other board" ...... All the current evidence, old or not, legislates against any upside for the sp, or at least until the whole matter is aired (in court?) and clarified and/or until the ukrainian courts come down in favour of RPT ...... and that is far from a foregone conclusion.

Tomorrow morning may be an interesting time to make some money on a short tack ...... There looks to be some potential chart support at +/-78 but if sp falls through that, then it could be all the way down to 40

Handy if you do CFD's or Spread Bet then.

So Mr T loses yet again in Ukrainian courts in a dispute that has been running since 2004 ..... Mr T now says he will go to the Ukrainian Supreme Court, but I bet the lawyers are not paid out of his pocket.

With the demise of mafia boss John Gotti, the soubriquet of The Teflon Don could have passed to Mr T, but is his coating also now getting more than a little worn?

Since strong-arming back control of Regal a month or two ago, has Mr T done anything at all to benefit the shareholders? ..... If he has, he has been very coy in saying so.

I'm amazed Timis is still on the board - yet the institutions are backing this one big style - 80% of the co is held by insitutions with significant interests.

Is Regal one of those stories that everybody just wants to believe?

Cynic, can I take it you're likely to be shorting this one?

Dropping 26% to 60p now...looking bad...Mr Timis is a crook!


UK smallcap opening - Regal Petroleum hit by negative ruling in Ukraine
AFX

LONDON (AFX) - Regal Petroleum was the biggest loser, down 24 pence at 57, following news late on Friday that the Supreme Administrative Court of Ukraine has dismissed its appeal against an earlier ruling concerning the validity of the company's production licences in Ukraine, dealers said

A legal action was brought last year by Regal's former joint venture partner CNGG, which claimed that the correct procedures were not followed in the awarding of two production licences in July 2004.

So much for being Regal...looks like more downside on the way to 30p soon

Get into GOO

More bad news...shutting down gas fields.


Regal Petroleum shuts Ukrainian gas fields after court action - AFX

LONDON (AFX) - Regal Petroleum PLC said it will shut the Mekhediviska-Golotvschinska and Svyrydivske gas and condensate fields in Ukraine after losing in a legal battle with former joint venture partner Chernihivnaftogasgeology (CNGG).

The Supreme Administrative Court of Ukraine on May 5 dismissed Regal's appeal over a case filed by CNGG questioning the award of the production licenses for the fields.

The Kiev City Commercial Court upheld CNGG's claim in November last year.

'Regal is currently awaiting written details of this decision and will then

launch a further appeal to the Supreme Court of Ukraine,' said the company in a statement.

'In the meantime, as a result of the decision of the Supreme Administrative Court of Ukraine, Regal has shut down production operations at its GOL/MEX and SV fields in Ukraine,' it added.

Regal said plans for the fields will depend on the outcome of the appeal.

Further, a final appeal lodged by CNGG on a legal action favouring Regal was dismissed by the Supreme Court.

CNGG was appealing a court decision awarding Regal the assets of a dissolved joint venture with CNGG.

The assets consisted of six wells, a gas processing facility with a capacity of 1 mln cubic metres per day, and a 13.2-kilometre pipeline connecting the gas plant to the main Kursk-Kiev export trunk pipeline.

The court ordered that compensation be given to CNGG for its share of the joint venture assets.

What a shower!!

Can anyone confirm whether RPT is still producing from its remaining Greek interests? At the time of reporting its interims to end of June 2005 (and no, they haven't found the time to issue any results since!) they were producing 1,900 bbl/day from their Greek wells, but that was back in September and production seemed to be in decline.

They are also supposed to be drilling in Egypt (should have started in Q1 2006) and to have a 25% interest in a JV in Liberia.

The website is, as one might imagine, more like a bombsite at the moment. Does anyone have any info?

Oh dear; such a pity that RPT is belatedly getting the red pencil treatment (now 64.5 mid)! ...... Wish I had been short of a few other stocks too, but this will do as a sop

Morning Cynic. I'll buy it for 10p :o)

PS nice to see you looking so happy and jovial on the VOG thread -I almost didn't recognise you :o)) LOL

cheeky sod ... you sound like a benign GedW if that means anything to you! ..... Have been a fan of VOG ever since I had my arm twisted to buy same (logically convinced!) a few months back ..... I know I got in late - around 110 I think - but have done exceedingly well from them, having traded several times

"benign GedW" ?? - enlighten me . . . (LOL anyway :o))

GedW was a prolific poster on LSE ..... On the good side, he was extremely knowledgeable in all sorts of areas and carried out all sorts of very detailed research, albeit only on companies with sp below 1.00 ...... On the downside, he was very acerbic and (unnecessarily) touchy, especially if one had the temerity to question his findings

I see. You can rest assured that I am very happy for people to question my findings, as I think constructive counter-argument helps me to evaluate my own positions better. I hope you don't mind a little joshing on my part, though. I would never deliberately be insulting, as I think that brings down the tone of the discussion and makes these BB's less enjoyable for everyone (cf the SEY thread recently, where I think one or two comments were a bit out of hand).

To be honest I am finding myself paying more attention to your contributions as time goes on - a healthy dose of criticism helps to clear the head in these gold-rush times.

Of course not! ..... As I told GedW, I am old enough and ugly enough to ignore virtually all abuse ... lol!

As for paying attention to my ramblings, I think I am appalled rather than flattered!!

LOL - great!!

soul* .... am i going to tempt you to join our london get-together?