Regal Petroleum PLC
12 October 2005
Immediate Release 12 October 2005
REGAL PETROLEUM PLC
('the Company')
Ukrainian Update
The Directors are pleased to announce that the Kiev Court of Appeal has ruled in
favour of Regal and dismissed the appeal brought by Chernihivnaftogasgeologia,
thus upholding the original decision of the Poltava Court with respect to the
distribution of assets within their former joint-venture.
In June 2004 the exploration/pilot production licences in which Regal had a 75
per cent. interest expired. Subsequently, Regal was awarded a 100 per cent.
interest in two 20 year production licences. Contemporaneously with the
expiration of the exploration/pilot production licences, the joint-venture
arrangement Regal had with Chernigivnaftogasgeologia also expired.
In the course of the dissolution of the joint-venture, an action was brought
before the local Poltava Court in order to distribute the assets of the
joint-venture to the partners. In August 2005 the Poltava Court ruled that the
physical assets of the joint-venture be distributed to Regal and that
Chernigivnaftogasgeologia be compensated for the value of its 25 per cent
interest in the joint-venture.
Subsequently, Chernigivnaftogasgeologia lodged an appeal with the Kiev Court of
Appeal contesting the earlier decision.
On 11 October 2005 the Kiev Court of Appeal delivered its decision to dismiss
the appeal and uphold the original decision of the Poltava Court.
Commenting on the positive decision of the Ukraine appeal, Rex Gaisford, Chief
Executive Officer said:
'We are very pleased with this decision which concludes the dissolution of the
joint-venture. It also demonstrates that the court process within Ukraine is
able to enforce internationally recognised business principles for foreign
companies. We remain committed to our business in Ukraine and to developing what
we believe are world class assets.'
For further information, please contact:
Regal Tel: 020 7408 9500
Roger Phillips, Finance Director
Buchanan Communications Tel: 020 7466 5000
Bobby Morse/Ben Willey
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.