5th May 2006 16:57
Regal Petroleum PLC05 May 2006 Immediate Release 5 May 2006 REGAL PETROLEUM PLC ("Regal" or "the Company") Ukrainian Update Further to the announcement dated 31 January 2006 regarding the legal challengebrought by Chernihivnaftogasgeologia ("CNGG") against the Ministry ofEnvironmental Protection ("MEP") with respect to the validity of Regal'sproduction licences in the Ukraine, Regal's appeal to the Supreme AdministrativeCourt of Ukraine was heard today but such appeal has been unsuccessful. CNGG brought the legal action against its own parent organisation, the MEP,claiming that the correct procedures were not followed in the awarding of twoproduction licences to Regal in July 2004. On 11 November 2005, at the initial hearing of such action, the Kiev CityCommercial Court upheld CNGG's claim. On 31 January 2006, at the appeal hearing of such action, the Kiev Court ofAppeal again upheld CNGG's claim. Regal lodged a further appeal to the Supreme Administrative Court of Ukrainecontesting the previous ruling of the Kiev Court of Appeal. The result of thisappeal was delivered earlier today when the Court dismissed Regal's appeal. Regal is awaiting written details of such decision but will now launch a furtherappeal to the Supreme Court of Ukraine to establish the legality of its licencesas well as a motion to suspend the operation of today's ruling. The Companycontinues to be advised by its legal counsel in Ukraine that the Company wasawarded its licences in accordance with applicable rules, standards andlegislation of Ukraine. For further information, please contact: Regal Tel: 020 7408 9500Paul Morgan, Chairman & CEO Buchanan Communications Tel: 020 7466 5000Bobby Morse This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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