Business
Response to Release
Response to Release.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n Cardinal Resources plc\n06 November 2006\n\n\nCARDINAL RESOURCES PLC\n\nResponse to Release\n\nLONDON - Monday, 6 November 2006\n\nCardinal Resources plc, (AIM:CDL) ('Cardinal' or 'the Company'), an independent\noil and gas exploration and production company operating in Ukraine, today notes\nthe announcement made by QVT Financial LLP (QVT) on 3rd November 2006.\n\nThe Board takes shareholder's views seriously and gives them appropriate and\ntimely consideration. The Company's management team are available at all times\nto meet with shareholders and explain publicly available information and listen\nto their views.\n\nThe Company believes QVT's assertions are not based on a full understanding of\nthe facts as they pertain to accessing capital and building the infrastructure\nto operate and develop the Company's asset base in Ukraine.\n\nCommenting on today's release, Robert J. Bensh, Chairman and Chief Executive\nOfficer of Cardinal said:\n\n'We look forward to meeting with QVT's advisers in the near future to resolve\nthe misunderstandings we believe QVT have about Cardinal. We have recently\nreported significant progress in developing our Rudis properties in Ukraine and\nwe remain focused on meeting our incremental production objective by year end\n2007.'\n\n###\n\nFor further information please contact:\n\nCardinal Resources Parkgreen Communications\nCharles Green / Franziska Stahlknecht Justine Howarth / Victoria Thomas\n+44 (0) 20 7936 5250 +44 (0) 20 7493 3713\[email protected] [email protected]\n\nNotes to Editor\n\nCardinal Resources plc\nCardinal Resources plc is an independent oil and gas company engaged in the\nacquisition, development, production and exploration of oil and natural gas\nproperties in Ukraine. Cardinal is an experienced operator in the country\nfocused on expanding its existing operations through the farm-in or acquisition\nof additional upstream oil and gas assets that can be further developed through\nthe application of modern technology and expertise.\n\nCardinal's main assets are:\n\nRudivsko-Chernovozavodske (RC) Field\nRudivsko-Chernovozavodske is a large under-developed gas field (1.54 TCF\noriginal gas in place), located in the Dnieper-Donets basin, 200km east of Kiev\nin the Poltava Oblast. Cardinal has a Joint Activity Agreement (JAA) with a\nsubsidiary o...