Termination of Memorandum of Understanding
Updated : 07:04
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: 020 3427 3550 |
Chris Hopkinson, Chairman | |
Sergii Glazunov, Chief Executive Officer | |
Bruce Burrows, Finance Director | |
Strand Hanson Limited | Tel: 020 7409 3494 |
Rory Murphy / Richard Tulloch |
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Arden Partners plc | Tel: 020 7614 5900 |
Ruari McGirr / Dan Gee-Summons (Corporate Finance) |
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Simon Johnson (Corporate Broking) |
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Citigate Dewe Rogerson | Tel: 020 7638 9571 |
Louise Mason-Rutherford / Elizabeth Kittle |
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