25 May 2012

Regal confirms bid approaches

25/11/2010 Robert Tyerman

Regal Petroleum says it is holding 'preliminary discussions' after receiving 'a number of approaches' about a potential offer.

The fallen AIM star, once headed by controversial resources entrepreneur Frank Timis, has responded to mounting City speculation that a bid was in the offing.

Regal, which has interests in Ukraine, Romania and Egypt, launched a major strategic review of its operations in September, which it says is what prompted the approaches. The company points out there can be no certainty an offer will be forthcoming.

Floated at 60p in 2002, Regal shares soared above £5 over the next three years before a dry well in Greece reversed the process. Having fallen from 100p to 11.5p during the past year, they have perked up to 18.25p on the bid talks confirmation and offer speculative potential.

Tags: AIM, Commodities, Emerging markets

Sector: Oil & Gas Producers

Companies: Regal Petroleum

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