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: [phone]
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Bruce Burrows, Finance Director
Strand Hanson Limited	Tel: [phone]
Rory Murphy / Richard Tulloch
Arden Partners plc	Tel: [phone]
Ruari McGirr / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
Citigate Dewe Rogerson	Tel: [phone]
Louise Mason-Rutherford / Elizabeth Kittle

 

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