Regal Petroleum ends takeover talks

Regal Petroleum ends takeover talks

Regal Petroleum said it has ended takeover talks with an unnamed bidder after the successful outcome of the litigation that was brought against the oil explorer on its Ukrainian licence.

“The board of Regal and the potential bidder have agreed that the discussions should be terminated with immediate effect,” said the group.

Regal said in a statement yesterday that the Supreme Court of Ukraine dismissed all claims brought by Chernihivnaftogasgeologia against the validity of its production licences in Ukraine.

The group added that it will provide an update in relation to the development of its Ukrainian assets in due course.

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