Andy
- 22 Jan 2003 17:51
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
seawallwalker
- 05 Jun 2005 23:08
- 98 of 448
My rec is still don't bother with it.
Bottom fishing sometimes looses your nets.
Andy
- 06 Jun 2005 15:27
- 99 of 448
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.
seawallwalker
- 07 Jun 2005 13:37
- 100 of 448
Timis has resigned.
I hope the board gave his arse a good kicking oin the way out.
seawallwalker
- 07 Jun 2005 13:37
- 101 of 448
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.
jimmy b
- 07 Jun 2005 13:51
- 102 of 448
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!!
Andy
- 08 Jun 2005 21:54
- 103 of 448
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.
squidd
- 09 Jun 2005 06:05
- 104 of 448
Definately one for the 'bottom fishers' recovery watchlist now.
Roll on St Leger day.
sd.
Andy
- 11 Jun 2005 12:05
- 105 of 448
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.
seawallwalker
- 11 Jun 2005 12:18
- 106 of 448
I'll do it.
They only had to ask.
I have no qualifications and little knowledge.
I'll phone them first thing Monday.
squidd
- 13 Jun 2005 04:23
- 107 of 448
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.
Andy
- 16 Jun 2005 08:46
- 108 of 448
Oil veterans called in to rescue Regal
By Christopher Hope (Filed: 16/06/2005)
A "Dads' Army" team of former Amerada Hess executives is now reigning at Regal Petroleum, the troubled oil company, after two fresh appointments yesterday.
Aim-listed Regal is in crisis after a series of boardroom resignations, including its chief Frank Timis, were prompted by the news that a key well in its Greek field was "non-commercial".
Sir Peter Heap, 70, was yesterday appointed as interim non-executive chairman, while Richard Hardman, 69, becomes exploration director. Sir Peter worked as a consultant to Amerada for 10 years, while Mr Hardman worked there for 18 years.
They join new chief executive Rex Gaisford, 65, former head of production at Amerada for 12 years, and finance director Roger Phillips, 49, a former financial controller at Amerada for 19 years.
Only Lord St John of Bletso, 48, a non-executive director, has never worked for Amerada.
One industry analyst said: "It's like Dad's Army - but they are very experienced and they have worked for Amerada for 50 years between them." Regal's shares, which have lost more than 80pc of their value in recent weeks, closed up 7 at 67p.
Mr Gaisford was appointed last week to replace Mr Timis who gave into boardroom pressure and quit on June 7.
It emerged yesterday Mr Timis has not cut all his links with Regal. A spokesman said: "His only involvement will be as a shareholder and he will come up with oil and gas opportunities which will be judged by the board."
Andy
- 17 Jun 2005 00:45
- 109 of 448
The above news seesm to have been viewed as positive by the market, and RGT are oversold IMO.
mbugger
- 17 Jun 2005 19:44
- 110 of 448
Dads Army working well all ready, up from low of 57 pence to95[offer],got in at 79 2days late,good start.
gavdfc
- 17 Jun 2005 19:51
- 111 of 448
Andy,
Agree with the above being viewed as positive by the market, RPT has done well since the news came out. I wouldnt have thought the ex Amerada guys would have took on this unless they were confident of being able to turn RPT around. However, I still have some doubts myself. What if all the bad news isnt all out in the open yet and will the institutions that Evo brought on board simply sell off into any strength? As such, I didnt take a position but am watching this one from the sidelines.
Andy
- 17 Jun 2005 21:05
- 112 of 448
Gav,
Some good points, and I agree, there is possibly some bad news still to come, although if there is, I would have thought we will hear soon, as I would imagine they would want to clear the decks as quickly as possible.
I wonder wheter they will ask the institutions to stay onside for a while to give them a chance to turn it around?
I too am on the sidelines, but regret being out most of the day, as a S/B would have been tempting.
gavdfc
- 17 Jun 2005 21:43
- 113 of 448
Andy,
Got to say, and Im sure you will agree that these guys coming into RPT have got a wealth of experience which is a big bull point for me. You wouldnt get to where these guys have got with other companies without being succesful.
You make a good point about clearing the decks as soon as possible, which is what I hope they do and is why I am watching from the sidelines. It will be interesting to watch how the insts play this over the coming months, it seems from the RNS's over the last few days that Merrills and Fidelity have reduced slightly.
What Im sort of thinking here is that it might be best to wait a while and see what unfolds rather than diving in. However, those who were brave enough have been rewarded for taking the chance. Think Id rather miss any initial surge to let the dust settle before taking a position, if I do. But yes a S/B over the last few days would have been a nice end to the week, but at least oils hitting new highs, $58.47.
seawallwalker
- 17 Jun 2005 23:07
- 114 of 448
It's all very well, but we need to bear in mind that this Company has little credibilty.
I will not buy however tempting it may seem just in case.............
Good luck to those that do, but I would say there are better investments out there.
There is also some money to be made here if you are brave.
Andy
- 18 Jun 2005 00:03
- 115 of 448
SWW,
Well I agree with you that the previous directors have little credibility, but the incoming guys have masses of experience, and (IMHO) credibility, hence their arrival.
Clearly the name Regal Petroleum is tainted for now, but surely they themselves deserve a chance to prove themselves?
Maybe a change of name is in order, to clear out the traces of the old company?
seawallwalker
- 19 Jun 2005 22:32
- 116 of 448
Investors have been shocked by the disclosure that REGAL PETROLEUM blew 30 mln usd in Greece attempting - and failing - to increase the production of an old oilfield - Sunday Times
Says it all really.
seawallwalker
- 20 Jun 2005 14:52
- 117 of 448
http://www.uk-wire.com/cgi-bin/articles/200506201002457647N.html
The Board of Directors ('Board') of Regal Petroleum plc ('Regal' or the
'Company') announces that, on Friday 17 June 2005, the Company was notified by
solicitors acting for Peak Resources Limited of Hong Kong ('Peak Resources') of
the existence of a call option agreement dated 4 May 2005 (the 'Agreement')
purported to be made between the Company and Peak Resources.
It appears that this Agreement was signed on behalf of the Company by Vasile
Frank Timis who was, at that time, a Director of the Company. Mr Timis ceased
to be a Director of the Company on 7 June 2005.
SP holding and or rising on this news.
Dont think I understand what is happening here, I would have expected it to drop rapidly.