Regal Petroleum In Talks With Govt Over Ukraine Operations

28th Jun 2010 12:18

LONDON (Dow Jones)--Regal Petroleum PLC (RPT.LN), an AIM-listed oil and gas exploration and production group, announced Monday that the company is in ongoing dialogue with the Ministry of Environmental Protection and the Ukrainian Government in relation to the company's compliance to legislation at its Mekhediviska Golotvshinska or MEX-GOL and Svyrydivske or SV gas and condensate fields, during which operations continue as normal. MAIN FACTS: -The company advises that an order dated March 30 was signed by the Minister of Environmental Protection identifying certain matters requiring rectification in relation to Regal's compliance with certain legislation in Ukraine relating to its operations at its MEX-GOL and SV gas and condensate fields, and requiring a suspension of operations whilst such matters were rectified. -However the company was not aware of this order until it was enclosed with a letter to the company received on May 21. -Upon receipt of this letter and the order, the company immediately engaged with and held meetings with, inter alia, the Minister of Environmental Protection, officials within the Ministry of Environmental Protection and senior members of the Ukrainian Government to understand the circumstances surrounding this order. -Shares at 1116 GMT down 6.50 pence, or 17.81%, at 30 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 28, 2010 07:18 ET (11:18 GMT)