Updates

Regal Petroleum - Starts drilling in Kallirachi

November 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.

Regal has announced the departure of chief executive Guenter Nolte, an ex-Haliburton director. The departure comes following an unsuccessful joint Regal/Haliburton bid for SNP Petrom, the Romanian state oil company, but clearly a measure of the ambitions of chairman Frank Timis. Following the independent study of the Kallirachi area over the summer, which confirmed 1 billion boe initially in place, Regal also announced it has commenced drilling an appraisal well. The well will be drilled to a depth of 3,200 metres at a cost of US$10.5m and will be completed by January. Regal expects to drill a second well in Q1 2005. The results of the drilling are expected in Q1 2005 and should go a long way to confirming the news the marke ...

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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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