Ukraine Update

RNS Number : 3361O

Regal Petroleum PLC

28 June 2010

 



Regal Petroleum plc

("Regal" or the "Company")

28 June 2010

UKRAINE UPDATE

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), notes the comments in the media regarding the possible actions of the Ministry of Environmental Protection in relation to its operations in Ukraine.

The Company is in ongoing dialogue with the Ministry of Environmental Protection and the Ukrainian Government in relation to these matters, during which operations continue as normal.

The Company advises that an order dated 30 March 2010 was 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.  However the Company was not aware of this order until it was enclosed with a letter to the Company received on 21 May 2010.  Upon receipt of this letter and the order, the Company immediately engaged with and held meetings with, inter alia, the Minister of Environmental Protection, officials within the Ministry of Environmental Protection and senior members of the Ukrainian Government to understand the circumstances surrounding this order.  These discussions have resulted in an ongoing dialogue with the Ukrainian Government and its Ministries which the Company believes will result in the rectification of the issues raised by the order, and have included assurances from the Ministry of Environmental Protection that the Company is not required to suspend operations whilst these ongoing discussions continue.

A further update will be provided as soon as further information is available.

For further information, please contact:

Regal Petroleum plc                Tel: [phone] 

David J Greer, CEO

Strand Hanson Limited            Tel: [phone]

Simon Raggett / Rory Murphy

Mirabaud Securities                Tel: [phone]

Peter Krens / Pav Sanghera

Citigate Dewe Rogerson          Tel: [phone]

Martin Jackson / George Cazenove

 

END

 

 

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