Cardinal Resources

RNS on Friday after the market closed about increase in financing to $55mln.

AFX summarry here -

LONDON (AFX) - Cardinal Resources, the Ukraine-based oil and gas company,
said that Cardinal and Silver Point Finance has increased its bridge financing
facility by 17.5 mln usd to 55.5 mln usd.
The revised financing will allow the company to access additional funds to
continue its drilling and workover programme in Ukraine in line with its
business plan, which the firm said in a statement should enable it to meet its
production and financial targets.
The firm said it has two key aims - to complete the Rudis workovers and
drilling programme and to reinstate the company's net profit interest in the
Rudivsko-Chernovozavodske Field to 45 pct.
Cardinal added that it aims to achieve these two objectives within the next
six to 12 months.
Robert Bensh, Cardinal's chairman and chief executive, said: "The work
programme on the Rudis properties is progressing well. The additional funding
from Silver Point enables Cardinal to increase the pace of the work there to
meet our production targets by the end of 2007."
newsdesk@afxnews.com

Good for the share price - we should see a mark up when trading starts in earnest in the New year or perhaps even next week after chrismas. Going a lot higher.