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Regal Reshuffles Management, Shell Backs Out of Deal

Regal Reshuffles Management, Shell Backs Out of Deal

26 November 2008

Following Regal Petroleum’s (RPT LN: N/R) appointment late last week of a new chairman and executive director, Royal Dutch Shell said it has reconsidered its agreement to purchase a 51% stake in the UK oil explorer’s gas assets in Ukraine. A Shell representative said the changes were unexpected and that it will not proceed with the memorandum of understanding it struck with the previous management and was announced on Nov. 21, as the new management is likely to reconsider their position. Shell had agreed to pay USD 51 mln upfront to Regal and invest USD 360 mln into development of the fields.

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