Updates

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

September 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 chose opening day of the Olympic Games to announce that it had increased its holding from 57% to 81% in Kavala Oil, the licence holder of the Greek assets of Prinos, Epsilon and Kalirachi. This is being achieved by Regal's 86% owned subsidiary Eurotech which is subscribing Eu10m (US$12.2m) for new shares, lifting its stake from 67% to 95%. The deal has the effect of increasing Regal's share of the 240m gross attributable reserves at Kalirachi from 138m barrels to 196m. It also lifts the attributable reserves from Prinos and Epsilon from 46.2m to 65.3m barrels. In other words, Regal is paying a price of less than US$1/barrel for the additional reserves.Using a valuation of US$2/boe for Ukraine and US$ ...

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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)

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Regal Petroleum (October 2004)

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

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

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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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