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Reuters: Shell cancels purchase of Regal’s Ukraine fields

Fri Nov 23, 2007 4:33 PM GMT

LONDON, Nov 23 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) has pulled out of a deal, announced only two days ago, to buy a 51 percent stake in the Ukrainian gas assets of UK oil explorer Regal Petroleum (RPT.L: Quote, Profile , Research) following Regal’s announcement of a new chief executive on Thursday.

“Our MOU with Regal was agreed with the previous management team. The management change of yesterday at Regal was not expected by Shell,” the Anglo-Dutch oil major said in a statement on Friday.

“We see from the new management’s comments that they may have changed their thinking on this transaction. Regal have indicated that they would like to review options. Therefore we have decided not to proceed with the MOU with Regal.”

(Reporting by Tom Bergin; Editing by David Cowell)

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© Reuters 2007. All Rights Reserved.

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