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

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.

Timis has resigned.

I hope the board gave his arse a good kicking oin the way out.

Regal Petroleum PLC
07 June 2005


Immediate Release 7 June 2005

REGAL PETROLEUM PLC
('the Company' or 'Regal')

Directorate Change

The Company announces that Mr V F Timis has resigned as Chairman and as a
Director of the Company with immediate effect in order to devote more time to
other business interests. The Board of Directors of the Company expresses its
appreciation to Mr Timis for his valued contributions to Regal since founding
the business in November 1996.

The Company is actively looking to appoint a new Chairman.

I like that line........The Board of Directors of the Company expresses its
appreciation to Mr Timis for his valued contributions to Regal since founding
the business in November 1996.....Classic!!

jimmyb,

Well he did the company onto AIM, and raise cash, at a very difficult time for companies to do so, so let's not wash over his achievements altogether.

Was the dry well his fault? Who knows?

What will be of more concern is when RPT knew about the problems with the well, ie before or after the recent 3.90 placing!

Regal is a shell of what it was two months ago, and may well sell it's Ukranian assets to gain some capital, but the ship is still afloat, and a new gas strike in Romania offers some hope for the future.

I haven't held for some time, but once the dust has settled, there MAY be an opportunity here, we shall see.

Definately one for the 'bottom fishers' recovery watchlist now.
Roll on St Leger day.
sd.

squidd,

Just when you thought it couldn't get any worse!
--------------------------------------------------------------------


New blow as Regal director walks out
Robert Lea, Evening Standard
10 June 2005

THE future of Regal Petroleum was looking increasingly bleak today after another boardroom convulsion saw the naming of a 65-year-old veteran as its new chief executive

But the appointment of Rex Gaisford, who joined the company as a part-time director less than six weeks ago and who has a full-time job elsewhere, has opened up gaping wounds at the company and prompted the resignation of its senior non-executive in protest.

Shares in the group - worth more than 500p each in March - plunged a further 7p today to close at a new low of 57p, which is below the 2002 float price.

Bill Humphries, the non-exec who this week engineered the departure of Regal founder Frank Timis, walked out last night amid recriminations that the company's credibility has been shattered. Humphries, the last of the board members who floated the company, refused to comment.

But friends of his said he is leaving with his head held high. 'Bill told his fellow directors that the company was being irretrievably damaged,' said one.

'He told them he could only stay if certain conditions were met, including a full independent review of the company to find out how the money was being spent and to find out first and foremost where they stood. That unfortunately met with resistance from the executives and, with a heavy heart, Bill has left.'

A Regal spokesman said: 'Bill Humphries wanted to become executive chairman but there was a conflict of styles.' Gaisford and finance director Roger Phillips are trying to recruit a chairman, a production director to oversee Regal's wells in the Ukraine and off Greece and an exploration chief to oversee assets in Romania and Egypt. The company also needs to find other non-executives to go alongside the only one remaining, Lord St John of Bletso.

Gaisford, who is currently executive chairman of his own online recruitment firm RCM, joined Regal as a non-executive on 1 May. He had been promoted to production director within three weeks. Former Shell geophysicist Christopher Green quit last month after just five days as Regal's exploration director.

I'll do it.

They only had to ask.

I have no qualifications and little knowledge.

I'll phone them first thing Monday.

Andy: As a casualty of the great Redstone disaster, now in its 5th year of downhill plunge, I have seen the pit. Elsewhere on this BB it has been said that that bad news comes in 3 dollops and we may have had only one helping so far from RPT. I will be loooking in again in September.
sd.