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Following the sale of its Ukranian oil and gas assets Cardinal Resources will be a shell with a 6.75% stake in Columbian oil and gas explorer Cardinal Exploration Inc and a contract to supply Condor Exploration with services worth a minimum of $1m a year. It joined Aim on 15 April 2005 via a placing at 32p a share which raised £10.6m and valued the company at £28m.
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