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

Hi Andy. Thanks for the reply.

You could be right regarding a buying opportunity. However, there's only one problem - due to the stock markets performance over the last few weeks my portfolio has taken a right battering.

Most of my holdings are in AIM companies and all I can see on my stock screen is RED! I've not been at this game long and the way things are going I won't be in it much longer!!!

Another bloodbath..............

I do hope those above dumped after the last blip.

EVO and RPT must have had suspicions of this.

Bound to have a knock on to other E & P Companies today.

this could really motor to 50/60 pence in a few days .very risky

Possibility of them falling sub 100p so perhaps 60p is also possible..cant beleive how much this has fallen in one day.

Total disaster!

Glad I didn't buy back in a month ago when I was considering it now, and I hope nobody here has more than a small holding.

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0659 GMT [Dow Jones] Regal Petroleum (RPT.LN) trades 61% lower at 100p in pre-market trade. "Absolute disaster for the company," notes analyst. "The Kallirachi field in Greece contained the majority of the value in the company." When the original discovery was made in January 2004, Regal said it could contain 1B barrels of oil in place, "ie the same size as Cairn's (CNE.LN) Mangala field in India." Mangala tested at 10,000 b/d of oil, Kallirachi has just tested at 30 b/d. "Regal's credibility will take a significant hit on the back of this," he adds. "Investors who took part in the GBP45M placing three weeks ago are unlikely to be happy." (SMT)

Glad I never went into these, but thought about it a few times. However that time might be soon now.

rgrds
gk

My advice is to stay out forever.

Dont throw good money after bad.

No one knows if this will recover once the Institutions who recently bought into the share placing at 3.90 take them to task.

Article on Regal on Citywire.

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=74370&MenuKey=News.Home&NewsPage=2

Apologies for a silly question, but is that 45M cash or whatever they raised at the recent placing still factored into their current valuation, or is the SP reflecting an assumption it's gone along with the Kallirachi field?

Even csh have over30b/d ,even eenare motoring compared with this disaster.

Regal major shareholders;

Henderson Global Investors Limited 20,404,119 15.88
Merrill Lynch Inv Managers Ltd 18,572,354 14.45
Caldwell Associates Ltd 11,236,750 8.76
Vasile Frank Timis 9,080,887 7.08
The Capital Group Companies 6,853,000 5.33
Forest Nominees Ltd 6,496,139 5.07
Commerzbank 5,807,112 4.53
Artemis Investment Management 5,755,310 4.49
Goldman Sachs Group Inc 5,162,112 4.02
Morgan Stanley Securities Ltd 5,096,725 3.97
Schroder Investment Management Ltd 4,433,100 3.46
Man Financial Ltd 4,123,800 3.22
TR European Growth Trust PLC 4,000,000 3.12
Bank of New York 3,994,410 3.11
Fidelity Investment Mgrs Ltd 3,867,485 3.01


Frank Timis lost a fair chunk today!

Hi, Just for the record, I do not hold a position on RPT but might soon. I think this will go up once calm returns. It will go up big style. Do you really think institutions will loose the money just like that??? They will play all hardcore tricks to get their money back, that is going long or getting rumors going. Wait and see. Remember that RPT still producing oil (a bit less) but nevertheless. Just remember HNR and PCI once they got going, PCI producing but much less and HNR only exploring at moment. Just follow the RPT for the time being. xm

btw. A lot of metals and oil cos fell a lot today, it really scared the sh*t out of me from trading for few days, though magic for CFDs.

xmortal,

Yes, even fairly solid producers such as SEy and JKX got hit today, possibly as a result of RPT's fall.

I agree, RPT should bounce once the dust settles.

Board changes and operational updates.

http://www.uk-wire.com/cgi-bin/articles/200505190700584974M.html

This next link was foundon advfn and is a good read.

http://www.guardian.co.uk/business/story/0,3604,1487073,00.html

Article on OilBarrel today.

http://www.oilbarrel.com/home.html

Gav, SWW,

thanks for those links, interesting, and RPT have to take some credit for making changes quickly I guess.

From the AFX;

LONDON (AFX) - Regal Petroleum PLC, which yesterday saw its shares plunge after announcing that tests on a drill site in Greece have shown the site to be non-commercial, said it is now in discussions to appoint a new managing director of its operations in Greece.

The board also announced today that it has undertaken to split the role of chairman and chief executive officer currently held by Frank Timis. Timis will step down as chief executive officer and retain the position of executive chairman.

The group also said that non-executive director Professor Christopher Green has agreed to become executive director responsible for exploration and fellow non-executive Dr Rex Gaisford has agreed to become executive director responsible for production.

Both appointments are effective immediately.

The board said the new managing director in Greece will assess the production operations at Kavala and report to the board in due course.

In addition, the new executive directors will oversee the evaluation of existing data for the Prinos Basin as a whole, including the Greater Kallirachi area. This process is expected to take six to nine months and only once that process has been completed will any decisions be taken with regard to further exploration drilling in the Greater Kallirachi and Prinos Basin areas.

Overall, the board said it believes that the quality of the company's assets, all of which are located in proven hydrocarbon regions, will underpin future growth.

The company said it is committed to increasing production and cash flow in order to finance an increasing proportion of its exploration costs from self generated cash.





newsdesk@afxnews.com

You're welcome Andy. Not got any position in RPT and never have. May take a look at it once things settle down a lot. Citywire put an article out this morning, subs only so can't read but may be of interest to those who can access it.

http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=74394&MenuKey=News.Home

RPT was over 5 pound sterling in March 2005 200 per cent hyped up with no real exploratory drilling data to speak of ,what a fall and more to go

Hi!

Been looking around the recent RPT news, on which so much appears to have depended. Looks like another PCI job - small cap oil co. getting hammered on bad news. So much for that.

Unfortunately, and similarly to PCI, they've badly handled both the hype and the release of info. It seems also that they are now following the "age-old" strategy of replacing the CEO with "names".

I'm afraid I've better places for my long term money!