This is from the UK Telegraph...Why am I nervous about this...

This is from the UK Telegraph...

Why am I nervous about this deal???

Latest Timis venture gushes with good news

Published: 5:54PM GMT 28 Feb 2009

Once again it seems the serial mining entrepreneur and sometime drug offender Frank Timis could be about to hit the mother lode.

The flamboyant, some say controversial, businessman has a colourful past.

He was behind Regal Petroleum, the company that struck oil in Greece, saw its share price soar only for the oil to be sadly lacking, along with the high share price once the news of the oil reserves came out.

As well as his involvement with diamonds in Sierra Leone, Mr Timis is now busy drilling holes in the ground in Kazakhstan looking for oil through his latest company Eastern Petroleum.

And, despite the economic downturn and slump in the price of oil, it's all going very well, I hear.

So much so that, according to communications Dashwood has seen, the company may be looking to raise $40m to fund the drilling of six wells on the Kazakhstan/China border. According to the documents, there is even talk of an IPO.

An IPO in the current market? Brave talk indeed. I call up the company to find out more.

"No, no" they tell me. "No IPO" and "no fundraising" at the moment. They've got quite enough money - lucky them.

Crossed wires, Eastern Petroleum tells me.