Primary Recommendation

Regal Petroleum - 25-fold increase in production in 2004; Reserve update due in June

May 2004

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.

When Regal Petroleum (a successful NAP tip for us in January 2003 at 65p) joined AIM in late 2002, its mainstay was the operation of gas wells in the Ukraine. But the potential of this was superseded in October last year, when Regal diversified out of the Ukraine by buying the Kavala Oil company in Greece which subsequently struck it lucky with its first wildcat well at Kallirachi. Next month Regal, headed by Romanian born Frank Timis, is expected to confirm to the market that the oil from the Greek-Kallirachi well is being reclassified from possible to proven which will add strongly to its reserves; meanwhile, further drilling is expected at Kallirachi which could see current estimates on reserves being beaten. But the expe ...

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Market Comment - May

SHL Group - Projects margins of 14% in three years

Regal Petroleum - Greek news still awaited (May 2005)

Regal Petroleum - Continues data collection (March 2005)

Regal Petroleum - Drilling report due this month (February 2005)

Regal Petroleum - Evolution suggests 550p price target based on Kallirachi success (January 2005)

Regal Petroleum - Starts drilling in Kallirachi (November 2004)

Regal Petroleum (October 2004)

Regal Petroleum - Evolution says assets worth 667p (excluding Romania) (September 2004)

Regal Petroleum - New high ahead of anticipated newsflow (July 2004)

Regal Petroleum - Ukrine gas plant going gangbusters (June 2004)

Regal Petroleum - Shares up 173% since Jan '03 buy (February 2004)

Regal Petroleum - First positive trading update since float (February 2003)

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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