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

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..

The results and statement tomorrow should clear up matters a lot more.

On the one hand, there is talk that this company is a scam, run by a drug crazed conman, designed to fleece investors of millions of pounds on a company which owns a few hectares of mud, some dry, and some full of seawater.

On the other hand, the reaction to one rig drilling in the wrong place has enabled investors a chance to pick up shares in a company which are so absurdly cheap, its akin to buying the FTSE at 1000 now.

As always, I suspect that the truth lies somewhere in the middle, and that Regal is nowhere near as asset rich as the bulls portend, and nowhere near as poor as the shorters and Prufock's of this world allege.

On that basis, buying at around 1 gives more upside than downside imo.

Bruce

2 points about the results strike me.

Firstly, cash balances are higher than expected; secondly, many expected their Greek assets to be zero; this is not the case.

It is unusual to see such a large proportion of their losses made up by hedging at $30/barrel.

I believe this set of results is enough to calm the market, if not to see dramatic gains, and the real news will be in the independent assessors different reports of their assets in Ukraine, Greece, Egypt and Romania, all of which are due out anytime between now and the end of the summer.

Not an ideal start, but its moving very quickly on small volume, implying that the mm's are flat, and are as clueless as the rest of us as to what the next large move might be.

Once the institutions have disected the numbers and comments, and been to the analyst presentation at 11am, we may be slightly the wiser.

NOT at the bottom yet,massive fall from over 5 pound in March 2005,RPT what next, any views.

Dont bother with it.

More information is emerging regarding the activities if frank Timis.

http://www.timesonline.co.uk/newspaper/0,,2769-1641179,00.html

My rec is still don't bother with it.

Bottom fishing sometimes looses your nets.

SWW,

I agree, one to avoid at the moment IMHO.

Once the dust has settled, there MAY be some value here, but I think they will sell their Ukranian assets (maybe to JKX?) and I'm happy to wait until then.