VAS Licence Order Update

RNS Number : 3474T

Regal Petroleum PLC

19 March 2019

 

19 March 2019

Regal Petroleum plc

("Regal" or the "Company")

VAS Licence Order Update

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, provides an update on its announcement made on 12 March 2019 regarding the publication of an Order by the State Service of Geology and Subsoil of Ukraine (the "State Service") affecting the production licence for the Vasyschevskoye ("VAS") gas and condensate field in Ukraine.

As announced on 12 March 2019, it was noted that an Order for suspension dated 11 March 2019 (the "Order") had been published on the official website of the State Service, relating to Special Permit No. 5626, which is the production licence for the VAS field. Under the applicable legislation, the licence operator will be required to shut down production operations at the VAS field within 20 days of licence suspension.

The Company has issued legal proceedings in the Ukrainian Courts to challenge the validity of the Order, and in these proceedings, the Court has made a Ruling on interim measures to suspend the Order pending a hearing of the substantive issues of the case to be held in due course.  The effect of this ruling is that the abovementioned 20 day period is also suspended pending the substantive hearing.

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
Strand Hanson Limited	Tel: [phone]
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson	Tel: [phone]
Nick Hayns / Elizabeth Kittle

 

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