25 May 2012

Romanian setback for Regal

09/09/2010 Robert Tyerman

Regal Petroleum is reviewing its Romanian assets after abandoning a dry gas well in the country's Barlad concession.

The AIM-quoted company says drilling encountered 'encouraging' shows of gas, but in the end no gas flow was established.

Now Regal, once headed by controversial entrepreneur Frank Timis and these days steered by experienced oilman David Greer, says it has 'fully discharged its obligations' over the Barlad concession and has set in train a 'strategic review' of all its Romanian assets.

Shares in the company, whose chief operations now are in the Ukraine with interests in Egypt as well, soared from 2002's 60p float to more than £5 in 2005 before plunging on a major disappointment in Greece and have now fallen from a 12-month high of 120.75p to 31p, valuing Regal at £99 million.

Tags: AIM, Boardroom moves, Commodities, Emerging markets

Sector: Oil & Gas Producers

Companies: Regal Petroleum

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