Business
Agreement
Agreement.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n Regal Petroleum PLC\n09 August 2006\n\n\n\nImmediate Release 9 August 2006\n\n REGAL PETROLEUM PLC\n \n ('Regal' or the 'Company')\n\n\n Subscription and Services Agreement between Alberry Limited, Regal\n Petroleum Corporation Limited and the Company\n\nThe Company is pleased to announce that it has entered into a conditional\nagreement (the 'Subscription and Services Agreement') with Alberry Limited\n('Alberry'), a company registered in the British Virgin Islands, pursuant to\nwhich Alberry has agreed to subscribe for new ordinary shares in Regal\nPetroleum Corporation Limited ('RPC'), representing 15 per cent. of the\nenlarged share capital of RPC for a cash consideration of £100,000 and has\nagreed to provide certain services to the Company in relation to its Ukrainian\nassets. RPC is a wholly owned indirect subsidiary of the Company incorporated\nin Jersey and is the holding company for Regal's Ukrainian operations. \nFollowing this proposed transaction, the Company would retain an 85% interest\nin RPC.\n\nFurther to the announcement made to shareholders on 4 July 2006, the Board is\nstill in early stage discussions which may or may not lead to an offer being\nmade for the Company. Consequently, under the requirements of the City Code on\nTakeovers and Mergers, completion of the Subscription and Services Agreement and\nimplementation of the transaction, is subject, inter alia, to shareholder\napproval and the Company will shortly be posting a circular and notice of\nExtraordinary General Meeting ('EGM') to shareholders. A detailed summary of the\nterms of the Subscription and Services Agreement will appear in the circular,\ncopies of which shall be obtainable from the Company's website:\nwww.regalpetroleum.com.\n\nThe terms of the Subscription and Services Agreement, inter alia, provide that:\n \n1. Alberry shall use its best endeavours to procure that the Company has and \n shall continue to have the benefit of the production licences in relation \n to the GOL/MEX and SV fields (the 'Licences'), that the Licences are and \n remain recognised as valid by all relevant authorities in the Ukraine and \n that the Company is able and continues to be able to exploit the Licences \n without interference.\n\n2. Alberry will be responsible for liaising with all relevant Ukrainian \n authorities on behalf of the Company in order ...