Cancellation of Ministry Order in the Ukraine

RNS Number : 9475L

Regal Petroleum PLC

08 August 2011

 



Regal Petroleum plc

("Regal" or the "Company")

8 August 2011

CANCELLATION OF MINISTRY ORDER IN UKRAINE

PRODUCTION UPDATE

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), provides an update on its Ukrainian operations.

As previously announced, on 21 May 2010, the Company received an order, dated 30 March 2010, signed by the 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").   

As announced on 26 July 2011, the District Administrative Court of Kiev made a ruling dated 18 July 2011 that the Ministry Order was unlawfully issued and ordering its cancellation.  This ruling was capable of being appealed during a 10 day period from 26 July 2011, failing which the decision would come into force on 6 August 2011.  No appeal has been filed and accordingly this ruling has now come into force.

As previously announced, the Company has recently re-commenced production at the MEX-GOL and SV fields. Over the last 7 days the average production was 190,322 m³/d of gas and 38 m³/d of condensate (1,427 boepd in aggregate).

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

Joe Staffurth, BSc Geology, PESGB, AAPG, consultant to the Company, has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

Definitions:

m³/d                cubic metres per day

boepd              barrels of oil equivalent per day

 

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