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

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!

Well said Big Al.

I think this one is destined for the dustbin.

If it don't, it should have gone there.

Hello Al!

PCI, hmmmm, moving on swiftly! ;-)

Found this on Rigzone:

"As many as six oil exploration companies are poised to join the Alternative Investment Market, despite the shockwaves sent through the sector last week by Regal Petroleum's devastating drilling news.

A corporate financier working on one of the flotations said: "It's not exactly a great time to be trying to raise money for an oil company, but it's a bit too early to tell just how much damage Regal has done to the sector. The Regal issues are very particular to Regal and hopefully we will be able to get that message across."

Some of the new names mentioned in the piece, Wham Energy? Hmmm, would that be run by Andrew Ridgely and here's another one, Borders & Southern Petroleum. Lot of oil in the south of Scotland then?? ;-)


"Regal Petroleum saw its shares dive 60 per cent last week after revealing that a much-hyped well off the east coast of Greece was not commercially viable. The move came just three weeks after the firm raised GBP 44.8m in a share placing."

Now there's an understatement if ever I heard one. From supposedly having 1bnbbl OIP to test results of ..... 30bopd.

Good program on BBC1 just now, showed the Archie Gemmell goal against Holland. Thinking back to 1978, we were on the march with Ally's army! Just like RPT were going to extract 1bn in Greece!



http://www.rigzone.com/news/article.asp?a_id=22695

Borders & Southern Petroleum BOR list today.

GBP went wild for about 2 hours when it listed and has been sinking ever since.

One to watch if there's not much happening.

The blood letting continues;

----------------------------

UK smallcap opening - Regal Petroleum down as director Green goes
AFX


LONDON (AFX) - Regal Petroleum - hard-hit of late on the back of disappointing Greek well results - retreated 9-1/2 pence more to 75 following news that Professor Christopher Green is to stand down from the board.

Green feels that he is unable to dedicate the time required of an executive member of the board.



fjb/vjt/

More like he couldn't work with drug dealer Timis. Commiserations to anyone carring losses, hope you recover.

MS

Changed my mind.

Not a helpful post probably.

have we found a floor for the price

ssanebs,

2 day charts suggest we MAY have.

EK (Simon Caukwell) has closed his short and has bought 50,000 shares. I thought this snippit might give some of you some comfort.

MS

Regal mulls sale of Ukrainian assets to mollify investors
By Sylvia Pfeifer (Filed: 29/05/2005)


Regal Petroleum, the beleaguered oil and gas company, is understood to be considering a sale of its Ukrainian assets and returning part of the proceeds to shareholders.

A sale could mollify angry investors who have suffered heavy losses. Eleven days ago the shares dived by 60 per cent to 100p after Regal was forced to admit that its main prospect in Greece had failed to yield commercial quantities of oil. The admission came just three weeks after Regal raised 45m in a placing at 390p a share.

Frank Timis, who founded Regal, has already quit as chief executive. He remains as executive chairman.

Some analysts estimate that selling the Ukrainian assets could raise more than 100m. It is understood that a sale is being discussed with shareholders although not all are believed to be in favour of such a plan.

A final decision will depend on the results of an audit of the Ukrainian reserves being carried out by Ryder Scott, the respected industry consultants. The results are likely to be announced on Tuesday alongside Regal's full-year figures. The company is expected to announce a loss for the full year of over 5m.

bulldozer,

very interesting, I wonder if JKX would be interested?

Just what i have been thinking, anyway the price RPT gets for they Ukrainian assets , may give JKX's assets a re rating..