Regal Petroleum PLC

Termination of Memorandum of Understanding

RNS Number : 3106I
Regal Petroleum PLC
01 April 2020
 

 

1 April 2020

 

Regal Petroleum plc

("Regal" or the "Company")

 

Termination of Memorandum of Understanding

 

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, announces that the Memorandum of Understanding (the "Memorandum") for the potential acquisition of PJSC Science and Production Concern Ukrnaftinvest ("UNI"), announced on 26 November 2019, has expired and is consequently terminated.

 

The parties to the Memorandum, being (1) the Company and (2) Ms Lidiia Chernysh and Bolaso Investments Limited, were unable to reach a final agreement for the potential acquisition of UNI, and, as a result of the expiry of the duration of the Memorandum, the Memorandum is now terminated.  The provisions relating to such termination set out in the Memorandum are now applicable, and these include the refund of the deposit of $0.5 million previously paid under the Memorandum within five business days.  

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information, please contact:

 

Regal Petroleum plc

Tel: 020 3427 3550

Chris Hopkinson, Chairman


Sergii Glazunov, Chief Executive Officer


Bruce Burrows, Finance Director




Strand Hanson Limited

Tel: 020 7409 3494

Rory Murphy / Richard Tulloch

 

 

 

Arden Partners plc

Tel: 020 7614 5900

Ruari McGirr / Dan Gee-Summons (Corporate Finance)

 

Simon Johnson (Corporate Broking)

 

 

 

Citigate Dewe Rogerson

Tel: 020 7638 9571

Louise Mason-Rutherford / Elizabeth Kittle

 

 

 


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