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Regal Petroleum

June 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • RGT
  • Price:
  • 71p
Regal shares went into a tailspin after truly disastrous drill results from its second Kallirachi well.  Regal said that whilst that drilling confirmed the presence of hydrocarbons, the flow rates from the well have all been deemed non-commercial due to low permeability.When Cairn discovered a 1 billion barrel discovery, it tested at 10,000 barrels per day whereas Regal's is testing just 30 b/d which is insufficient flow to make the well economic.  The well has therefore been plugged and abandoned. Separately, Regal issued its results for the year to 31 December. Turnover was up from US$10.2m to US$42.5m but losses deepened from US$2.9m to US$13.7m, following a US$11m hit on hedging arrangements. Production was flat at 4 ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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