Cardinal Resources plc
01 October 2007
CARDINAL RESOURCES PLC ANNOUNCES DELAY IN RELEASE OF INTERIM RESULTS
LONDON - Monday, 1 October 2007
Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an
independent oil and gas exploration and production company operating in
Ukraine, today announces a delay in release of its Interim Results.
On 18 September 2007 Cardinal announced that refinancing discussions
continue and cash flow remains very tight.
The Company has now received a proposal from Silver Point Capital LP, its
main provider of finance (who are a related party under the AIM Rules) to
include the possible purchase of the Company's assets. In addition,
another potential provider of finance (who is not a related party) has
made proposals to the Company which are in course of amendment to include
the restructuring of the Company's balance sheet, the underwriting of an
institutional private placement or the purchase of all of the Company's
assets.
It has not yet been possible to conclude negotiations with either party or
reach agreement on acceptable terms that the Board of Cardinal could
recommend to shareholders.
In the absence of such agreement and with consequent uncertainty over the
source of short or medium term funding, the Company's Interim Results to
30 June 2007 which were due for publication by 28 September 2007, have
been delayed. The Company has requested suspension of its shares to
trading on AIM until it can both clarify its financial position and
publish its Interim Results for the six months to 30 June 2007.
For further information please contact:
Cardinal Resources Nominated Adviser
Charles Green / Natalia Egorova Nabarro Wells & Co. Limited
+44 (0) 20 7936 5250 John Wilkes / Marc Cramsie
investor.relations@cardinal-uk.com +44 (0) 20 7710 7400
cardinal@nabarro-wells.co.uk
Notes to Editor
Cardinal Resources plc is an independent oil and gas company engaged in
the acquisition, development, production and exploration of oil and
natural gas properties in Ukraine. Cardinal is an experienced operator in
the country focused on expanding its existing operations through the
farm-in or acquisition of additional upstream oil and gas assets that can
be further developed through the application of modern technology and
expertise.
This information is provided by RNS
The company news service from the London Stock Exchange