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

doggy would be better ..... then you can get shafted in a number of ways

Thanks for the tips guys!! ROFLMAO!

She's at that 80p level again and just needs to decide which way. 50/50, I guess, to either revisit 120p+ or 50p?

As Another Production Target Is Missed, Regal Petroleum Trials A Jet Perforation Technique To Solve Its Problems In Ukraine


Regal Petroleum has missed another year-end production goal as it struggles to deliver production from its tight gas fields in the Ukraine. The company had hoped that the new generation wells it is now drilling on the MEX-GOL and SV fields would lift group production to 7,500 barrels of oil equivalent per day but instead production is running at 2,072 boepd as the AIM company battles difficult downhole conditions.

The good news is the group seems to have found a solution to its completion and production problems, a solution that could lead to significant production growth in 2010. These highly pressured deep gas/condensate fields were never going to be easy to drill the state oil company used to take more than a year to drill these fields using its antiquated rigs, a timeline that Regal has more than halved using two newbuild Saipem 2,000 HP top drive rigs. The new rigs also allow the company to use a different casing design, enabling it to drill more quickly, with lower mud weights, thereby reducing the risk of the kind of formation damage that has hampered production from some of the old wells on these tight gas fields.

Even with all this state-of-the-art kit, the first two new generation wells, drilled to a depth of more than 6,000 metres, have failed to live up to expectations. The first well, MEX-106, was put into production in September 2009 but shortly afterwards suffered a blockage due to a mechanical obstruction at a depth of 5,200 metres. This meant the company could only produce from the shallower B sands at a rate of 517 boepd. A field operation using coiled tubing has recovered eight metres of the fish, with three metres still lodged downhole. The remaining section should be removed next month and then the company will be able to perforate the deeper T and D sands, ready for production testing.

The problems in the second well, SV-58, were more profound. A production test on the B sand intervals, undertaken in November, behaved in what the company called a somewhat unusual manner. A very high condensate-to-gas ratio from one of the sand layers caused the well to load up quickly with condensate, making it difficult for the well to deliver sustained commercial flow rates. There were also connectivity issues. This could have been disastrous for the company, given that it had staked its reputation on its ability to unlock the potential of the MEX-GOL and SV fields and its dubious past of hyping a project that later proved to be a dud (its ill-fated Greek venture, which led to the previous management being censured and the company receiving the largest fine in AIMs history).

But it seems Regals technical team have cracked the production problem. They have deployed a jet perforation technique, which provides deeper penetration into the formation and eliminates the formation damage generated by conventional perforating techniques. This led to a sustained and stable production flow of 395 boepd, a significant about 560 per cent increase - improvement on inflow rates. Whats more, this comes from just four metres of the target reservoir, which is less than 10 per cent of the total target reservoir. Next month, the remaining 75 metres of target reservoir will be perforated in this way, which should move the SV-58 well towards pre-drill expectations.

Importantly, the jet perforation trial has been so successful that it would seem sensible to deploy it on other wells on the field to see if they too would benefit. It seems there may be a systemic issue with the perforation techniques previously employed across the field, which would help explain its past under-performance.

Chief executive David Greer praised the breakthrough. "We take pride that this alternative perforating approach, conceived and executed in a very short timeframe in extreme weather conditions by Regal's small but professional team, has delivered a breakthrough solution to SV-58's reservoir connectivity challenge, said Greer. We now intend to build on our success in the trial by delivering access to the other target reservoirs in SV-58. During the drilling of this well, strong gas influxes were encountered, so we are optimistic that production from SV-58 can meet our pre-drill estimations in due course.

The company is now drilling two more new-generation wells. The third, SV-61, was this week at a depth of 5,960 metres near the top of the T-sand objective, while the fourth and fastest yet, SV-66, is already at a depth of 4,548 metres. An updated CPR report will be issued once the company has completed its perforation and testing programmes on all four wells. Regal has a 2P 169 million boe reserve base, a tally that was believed to be conservative. Success with the jet perforation technique will hopefully enable the company to demonstrate the potential of these wells and deliver the reserves uplift investors have been hoping for: there has been talk of a possible 350 million boe resource which could support production of 90,000 boepd at peak.

80p gone

You are right, Big Al, I think this is the beginning of a slide for RPT...now 78p.

oh dear .... has "the crook" gulled everyone again?

not me :))

I didnt think Timmis had any say in RPT anymore other than holding equity ??

You never know...his cronies might still be his eyes and ears in RPT.

I hope marni got out with his profit intact.

"the crook" still holds 8% and i reckon it would be pretty naive to believe that he does not have a pretty direct interest and influence ..... this is about as good a company as EME

This is found in Wikipedia...


Regal Petroleum, founded by Timiş in November 1996 was listed on the London Alternative Investment Market and owned some oil and gas resources in Romania and Ukraine. However, it became famous after the September 2003 acquisition of 60% of an oilfield located in Kavala, Greece. Timiş claimed that his company's survey team found one of the largest finds of oil in Europe: up to a billion barrels. The oil allegedly had so much pressure that the drilling platform was close to be destroyed by it.

This announcement drove Regal's share price up to a peak of 509p, the company's market value reaching 500m, being one the highest valued companies of the Alternative Investment Market. Many private investors and respectable institutions (including Merrill Lynch, Commerzbank, Artemis and Schroders) invested in this company more than 45m. Timiş sold off the main assets of Regal soon after the investments reached the peak, without informing the directors and shareholders and resigned from the function as chief executive of the company.

However, by mid-2005, the bubble burst and it was clear that there was little oil in Regal's oil field and the flow rates were as low as 30 barrels a day and "deemed to be non-commercial". In a few hours, the stock fell by more than 60% and as of June 2006, the share price is at 48.75p, less than 10% of the peak price. In 2005, its value was still worth about 120m, and had cash reserves of 37m, but due to lack of any real source of income, the reserves reached only 15m at the end of the year, as the company saw losses of 50m in 2005. In February 2006, Regal lost its Ukraine gas production license in a trial.

In June 2005, an environmental group, Alburnus Maior, asked the Romanian Supreme Court, under the freedom of information laws, whether Timiş was under any investigations and the answer was that his name was linked with three dossiers investigated by the organised crime department. However, Timiş denied all these. Later queries to the Romanian administration on this subject were given the answer that there are no investigations concerning Timiş.

Due to the collapse of this company, the Alternative Investment Market decided in 2006 to toughen regulations for companies in the natural resources sector and to hire experts who would prevent such booms followed by crashes in the future.

since then and because of the above, RPT has been fined a record amount and further, FSA or whoever it is, has taken the unprecedented action of refusing Timis permission to float his latest "scam" on AIM

Look at African Minerals (AMI), shot up from 50p early 2009 to 420p now...


In 2005, the Timiş Trust bought 30% of the shares of the Sierra Leone Diamond Company, via the Trust's Bermuda-registered Timis Diamond Corporation Limited. SLDC holds mineral rights over a third of the area of Sierra Leone in the northern part of the country,[14] including some important diamond fields and the Tonkolili & Marampa Iron Ore Projects. The company is also exploring for uranium at Lovetta, and for gold and base metals in the Sula Mountains, Gori Hills and Nimini Hills. On 16 August 2007 the AIM-listed company was renamed African Minerals Limited (AMI.L) to reflect these other interests.[15] On 2 February 2009 AMI announced an initial Mineral Resource estimate of 4.7 billion tonnes of iron at an average grade of 29.9% Total Iron in the Numbara and Simbili targets at Tonkolili.[16]

Timiş, who is non-executive chairman of the company, increased his shareholding to 34% in June 2006[17] and to 34.6% (40,875,002 shares) in September 2006.[18] As of February 2009[update] the entire company was worth 45m (US$65m).

look at RPT ...... shot up to 509 and collapsed to <50p!

How do you know he is holding 8% of RPT, cynic?

it was in the Sunday Times or similar last week or thereabouts - a whole page article about him

No, he holds 14.1% to be accurate.

according to him on franktimis.com