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David Greer still bobbing and weaving at Regal

Financial Times

Regal suspends talks with Macquarie

By Rachel O’Neill

Published: April 16 2009 12:42 | Last updated: April 16 2009 12:42

Regal Petroleum, the Aim-listed oil and gas company focused on Ukraine, has suspended talks with Macquarie Bank regarding a potential $100m loan facility.

In February, David Greer, chief executive, said he expected the loan documentation to be finalised within six weeks. However, on Wednesday he said: “We chose to suspend talks with Macquarie because of the heavy obligations and onerous conditions that were being proposed.

“We’ve got better and bigger irons in the fire that would be much more palatable to me, to my board and most importantly to shareholders.”

Regal, whose two main assets are two large gas and condensate fields in Ukraine, requires the extra funds to further its expansion.

In November 2007 Regal was due to sell Royal Dutch Shell a 51 per cent stake in its Ukrainian oilfields but Shell withdrew after a management shake-up at Regal.

Regal’s shares fell by 2¼p to close at 50p on Wednesday.

EDITOR’S CHOICE

In depth: Oil – Jun-24

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