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

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

adds even more weight to what i wrote then!

Thats the same artical i read cynic.

NEWS today


Regal says Ukraine performance improved

Oil and gas group Regal Petroleum says its current total daily field production rates in the Ukraine are 2,166 boepd, reflecting a slightly improved performance from its SV-58 well.

SV-58 production has stabilised following a successful abrasive perforation trial.

Earlier than planned cessation of drilling in the SV-61 6" hole section, in conjunction with the parallel abrasive perforation operations planned in both SV-58 and SV-61, should result in an improvement in production rates in the near future.

Nice bounce from lows
RPT gas processing facilities are currently 700,000m3.

FT Alphaville today

NH Some questions about Regal
NH and the latest update
Regal Petroleum (RPT:LSE): Last: 75.00, up 1 (+1.35%), High: 77.00, Low: 71.50, Volume: 1.61m
NH I yes
NH the Sector Watcher has been on
NH RPT's share price has been battered recently on no newsflow, so today's operational update offers some welcome clarity. Where are we? Well, good news is that production has risen about 5% in the past week or so, driven by strong performance from the SV-58 well. MEX-106 is almost ready to test the T and D sands, following some remedial work removing obstructions in the well. SV-66 is drilling ahead strongly. SV-58 has another 75m of target reservoir to be tested following the mobilisation of the necessary equipment for the abrasive perf. Negative? Well, SV-61 is suspended following some difficulties in the T sands, so we wont get a good read on that until T and D can be tested in nearby SV-66.
NH Upshot? All the bad news, such as it is, is in the price, and more. There's a series of strong catalysts upcoming operationally, and production continues to grow and drive cashflow. Yes, there have been operational challenges, but management has proved to be the master of them, and we continue our STRONG BUY recommendation driven by valuation discrepancy and strong near-term visible catalysts. BUY RPT.

This is one oilie that I have big doubts about....how much is the market cap ? 250 million pounds with I think only 2000 barrels per day equivalent....on the front cover of Shares mag this week...I have not read the article yet...will do over the weekend.....but the directors have sold a lot of shares with an after hours rns....not very good timing : in my view 50p sp could be a target....

I have read the article but not convinced by Greer at all.

Regal Petroleum plc

22 January 2010

Sale of Shares by Directors

The Company has today been notified that the directors of the Company set out below, sold, on 21 January 2010, an aggregate of 860,417 ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares") at an average price of approximately 0.7675 each, primarily to cover exercise costs, tax and national insurance relating to the Long Term Incentive Plan Awards ("LTIP Awards") exercised by such directors on 20 January 2010.

Further details of such sales, together with these directors' holdings of Ordinary Shares, their respective percentage of the issued Ordinary Share capital of the Company, and their remaining holdings of LTIP Awards are as follows:-

Directors:

Keith Henry
Number of Shares Sold 41,667
Resultant Holding of Shares 150,000
Percentage of Issued Share Capital 0.05
Holding of LTIP Awards 283,334


David J Greer
Number of Shares Sold 400,000
Resultant Holding of Shares 510,000
Percentage of Issued Share Capital 0.16
Holding of LTIP Awards 900,000


Hendrikus Verkuil
Number of Shares Sold 229,375
Resultant Holding of Shares 230,000
Percentage of Issued Share Capital 0.07
Holding of LTIP Awards 383,750


Robert Wilde
Number of Shares Sold 189,375
Resultant Holding of Shares 120,000
Percentage of Issued Share Capital 0.04
Holding of LTIP Awards 533,750

To me it looks like a short (not that i'd be tempted) but still the same......big oil spill in Texas.....might put a little bit of upward pressure on crude...disruption of supplies...shortage possibilities....etc....

Frank Timmis is at it again, I'm sure...65p now.