TAUREX RESOURCES PLC

TAUREX RESOURCES PLC

Previous company name
CARDINAL RESOURCES PLC
Name change date
12/22/2008
Company Overview
Cardinal Resources PLC, with registered business address in London, United Kingdom, is a public limited company whose group is principally engaged in oil and gas exploration, development and production. Cardinal Resources PLC was created in April 2004 as the vehicle to restructure Carpatsky and exploit the full potential of its assets. The Company, incorporated also in 2004, is formerly known as Cardinal Resources Limited up to April of the same year.
Cardinal is a leading independent oil and gas production and exploration company with operations in Ukraine. The Company holds interests in four fields and three licence areas in Ukraine. One of the licences, Bilousivsko-Chornukhinska (BC), is owned by the Company and the remaining licences and all fields are held through agreements with two Ukrainian state-controlled entities, Ukrnafta and Ukrgazvydobuvannya (Ukrgaz).
The Company’s goal is to become the leading international oil and gas player in Ukraine.
Cardinal was admitted to the Alternative Investment Market (AiM) of the London Stock Exchange in April 2005.
Cardinal Resources PLC is the parent company of Rudis Drilling Company, which it acquired in October of 2005. Rudis’ assets comprise three oil and gas licences and a 50% working interest in a Joint Activity Agreement (JAA) with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukraine, for which Rudis is the operator. The acquisition increases Cardinal’s reserves by 9.1 MMBOE to 27.5 MMBOE.
The Company’s shareholders include the Millenium Global Investments Limited and Deutsche Bank AG. Cardinal’s corporate headquarters are in London (UK), with further offices in Kiev (Ukraine) and Houston (US).
Business Summary
The Company’ s principal activities are oil and gas exploration, development and production. The Company has interests in two fields in Ukraine:
(a) the Rudivsko-Chernovozavodske Field (”RC Field”), a gas field operated by Ukrnafta (under a joint activity agreement with Ukrnafta), which lies 200 km east of Kiev, within the Dnieper-Donets basin in eastern Ukraine
(b) The Bytkiv-Babchenske oil field (”Bytkiv Field”); an oil field, under a joint venture with Ukrnafta, which is located in the Carpathian foldbelt in western Ukraine.
Description and history
The Company’ s principal activities are oil and gas exploration, development and production. The Company has interests in two fields in Ukraine:
(a) the Rudivsko-Chernovozavodske Field (”RC Field”), a gas field operated by Ukrnafta (under a joint activity agreement with Ukrnafta), which lies 200 km east of Kiev, within the Dnieper-Donets basin in eastern Ukraine
(b) The Bytkiv-Babchenske oil field (”Bytkiv Field”); an oil field, under a joint venture with Ukrnafta, which is located in the Carpathian foldbelt in western Ukraine.

HISTORY

2004
The reorganization of Carpatsky (by which Cardinal will acquire the entire issued share capital of Carpatsky immediately prior to the admission of its ordinary shares to AIM) is agreed. Carpatsky and Cardinal effect a Private Placement to raise $9.5 million.
2005
October
Cardinal closes the acquisition of Rudis Drilling Company. Rudis’ assets comprise three oil and gas licences and a 50% working interest in a Joint Activity Agreement (JAA) with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukraine, for which Rudis is the operator. The acquisition increases Cardinal’ s reserves by 9.1 MMBOE to 27.5 MMBOE.
April
Cardinal lists on the Alternative Investment Market (AIM) of the London Stock Exchange, raising $20 million (Ј10.6 million).
Carpatsky becomes a wholly-owned subsidiary of Cardinal when Cardinal acquires all of its common shares.

CARDINAL RESOURCES PLC – CANCELLATION OF AIM LISTING
Cardinal Resources plc (AIM:CDL), an independent oil and gas exploration and production company operating in Ukraine, announces the cancellation of the admission of its ordinary shares to AIM with effective from 26 November 2007.

As announced on 24 October 2007, the Company’s Nominated Adviser (‘NOMAD’), Nabarro Wells & Co Limited, has resigned. Unfortunately Cardinal has not been
successful in appointing a replacement Nomad, subsequently the admission of its shares to trading on AIM has been cancelled under AIM Rule 1.

Created as the vehicle to restructure Carpatsky and exploit the full potential of its assets

Business Line
Group is principally engaged in oil and gas exploration, development and production
Subsidiary
CARDINAL HOUSTON RESOURCES INC
Advisor
GRANT THORNTON UK LLP
IPO date
4/15/2005
US SIC Code
1382
Company Address
Whitefriars House
6, Carmelite Street
City province or state postal code
EC4Y 0BS, LONDON
Phone: +44 020 7936 5250
Fax: +44 020 7936 5251
Country address: UNITED KINGDOM
Website url: www.cardinal-uk.com