Regal Petroleum PLC
31 January 2006
Immediate Release 31 January 2006
REGAL PETROLEUM PLC
('Regal' or 'the Company')
Ukrainian Update
Further to the announcement dated 11 November 2005 regarding the legal challenge
brought by Chernihivnaftogasgeologia ('CNGG') against the Ministry of
Environmental Protection ('MEP') with respect to the validity of Regal's
production licences in the Ukraine, Regal has appealed such ruling to the Kiev
Court of Appeal but such appeal has been unsuccessful.
CNGG brought the legal action against its own parent organisation, the MEP,
claiming that the correct procedures were not followed in the awarding of two
production licences to Regal in July 2004.
On 11 November 2005, at the initial hearing of such action, the Kiev City
Commercial Court upheld CNGG's claim.
Regal lodged an appeal to the Kiev Court of Appeal contesting the earlier
ruling. The result of this appeal was delivered earlier today when the Court
dismissed Regal's appeal.
Regal is awaiting written details of such decision but has already launched a
further appeal to the Supreme Administrative Court of Ukraine to establish the
legality of its licences. The Company continues to be advised by its legal
counsel in Ukraine that the Company was awarded its licences in accordance with
applicable rules, standards and legislation of Ukraine.
For further information, please contact:
Regal Tel: 020 7408 9500
Roger Phillips, Finance Director
Buchanan Communications Tel: 020 7466 5000
Bobby Morse
This information is provided by RNS
The company news service from the London Stock Exchange
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