By Russell Hotten
24/11/2007 00:01AM GMT
Royal Dutch Shell faced embarrassment last night after withdrawing from a preliminary deal signed on Wednesday to take a majority stake in assets run by oil explorer Regal Petroleum.
It follows a surprise decision by Regal to replace its chief executive and chairman just 24 hours after agreeing with Shell to sell a 51pc stake in gas fields in the Ukraine.
News that Shell was working with Aim-listed Regal was seen by analysts as potentially risky.
Shell said: “Our memorandum of understanding with Regal was agreed with the previous management team. The management change at Regal was not expected by Shell.”
Regal, founded by ousted chief executive Frank Timis who still owns 20pc, has appointed David Greer sole chief executive and chairman.
Mr Greer is a former Shell executive who left after a ridiculed motivational email was leaked to the media.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/24/cnregal124.xml
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