Regal Petroleum PLC
26 April 2007
Immediate Release 26 April 2007
REGAL PETROLEUM PLC
('Regal' or 'the Company')
Ukraine Divestment Process
The Company is pleased to announce that following a detailed review by Tristone
Capital Limited ('Tristone Capital') of strategic options for the Company's
Mekhediviska-Golotvschinska ('MEX-GOL') and Svyrydivske ('SV') gas and
condensate fields in Ukraine, Tristone Capital has been retained to further
advise on the partial divestment of an interest in these fields.
The partial divestment process, which will be managed exclusively by Tristone
Capital, is intended to assist with the acceleration of the further development
of the MEX-GOL and SV gas and condensate fields. It is envisaged that a
strategic partner will be sought to take an interest in the region of 50% in the
project, with the possibility that the strategic partner may participate in the
operatorship of the fields.
The process for partial divestment will involve a targeted approach in respect
of potential partners and this process will commence shortly.
The Company would like to stress, however, that the initiation of a partial
divestment process does not imply that any transaction is certain to occur or
that the Company is obliged to accept any offers that may be received.
For further information, please contact:
Regal Tel: 020 7408 9500
Neil Ritson, Chief Executive Officer
Frank Scolaro, Chairman
This information is provided by RNS
The company news service from the London Stock Exchange