Accounting Reference Date and Ukraine Update

RNS Number : 1067I

Regal Petroleum PLC

08 June 2011

 



Regal Petroleum plc

("Regal" or the "Company")

8 June 2011

CHANGE OF ACCOUNTING REFERENCE DATE AND UKRAINE UPDATE

As announced on 28 June 2010, the Company received an order on 21 May 2010, but dated 30 March 2010, signed by the Ukrainian Minister of Environmental Protection identifying certain matters requiring rectification in relation to Regal's compliance with certain legislation in Ukraine relating to its operations at its Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields, and requiring a suspension of operations whilst such matters were rectified (the "Ministry Order"). Legal proceedings were issued challenging the Ministry Order and a further hearing of such proceedings took place on 7 June 2011.  However no decision has been forthcoming following this hearing.

In accordance with the Companies Act 2006, the Company is required to convene its Annual General Meeting ("AGM") within the 6 month period from its accounting reference date, being no later than 30 June 2011; there must also be not less than 21 clear days between the posting of the Notice of AGM and the Company's Annual Report and Accounts, and the date on which the AGM is held, meaning that the Notice of AGM would need to have been sent to shareholders by 7 June 2011.

The Company announces that it has altered its accounting reference date from 31 December to 30 December.  This was to enable the Company to slightly delay the posting of the Notice of AGM and Annual Report and Accounts to shareholders so that, if and to the extent appropriate, reference to the hearing could be reflected in the Annual Report and Accounts.  The Notice of AGM and Annual Report and Accounts will be posted by 30 June 2011 in accordance with the requirements of the AIM rules but, due to the current uncertainty surrounding timing for conclusion of the legal process in Ukraine, there is no guarantee that the Company will be in a position to provide any update prior to release of the Annual Report and Accounts.  

Notwithstanding the change to the accounting reference date of the Company, the Company is permitted, and intends, to report as at 31 December in each financial year and so there will be no practical change to the financial reporting cycle of the Company.

For further information, please contact:

Regal Petroleum plc                        Tel: [phone] 

Keith Henry, Chairman

Robert Wilde, Finance Director

Strand Hanson Limited                    Tel: [phone]

Simon Raggett / Rory Murphy

Citigate Dewe Rogerson                 Tel: [phone]

Martin Jackson

 

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