Wednesday, November 21, 2007
Shell Exploration & Production Ukraine Investments (I) B.V. has signed a non-binding memorandum of understanding (MOU) with Regal Petroleum plc, to acquire a 51% interest in Regal Petroleum (Jersey) Limited, a wholly owned subsidiary of Regal Petroleum plc indirectly holding the licences for the Mekhediviska-Golotvschinska and Svyrydivske gas fields in Ukraine.
Under the terms of the MOU, Shell would become the operator of the gas fields which are in the Dniepr Donetsk sedimentary basin where most of Ukraine’s gas and condensate production is located.
Patrick van Daele, General Manager, Shell Ukraine Exploration & Production 1 LLC, commented: “The MOU is another important step in Shell’s development in Ukraine. The growth potential from the Mekhediviska-Golotvschinska and Svyrydivske fields is a clear fit with Shell’s strategy.”
The negotiations, which are exclusive to Shell and Regal, are subject to due diligence and final transactional documentation. If successfully completed, the MOU builds on Shell’s position in the Dniepr Donetsk basin.
Notes for Editors
Summary of Shell’s activities in Ukraine
In 2006, Shell signed an oil and gas exploration agreement with Ukrainian company Ukrgazvydobuvannya to explore eight licence areas in the Dniepr Donetsk Basin, in central-eastern Ukraine. The agreement covers an area that is thought to contain potentially significant resources of natural gas. Shell holds a 50% interest in the JAA covering these licences (excluding the producing fields) in exchange for a commitment that comprises acquisition of seismic data and drilling of deep exploration wells over a three-year timeframe.
Shell has a downstream presence in Ukraine through a joint venture established in August 2007 with OJSC Alliance Group to operate a network of approximately 150 Shell-branded retail sites in Ukraine. Shell has operational control with 51% share and Alliance a 49% share in the newly established joint venture.Shell is also a supplier of gas in Ukraine, via Shell Energy Ukraine LLC.
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