Regal Petroleum PLC VAS Licence Order (6406S)
March 12 2019 - 9:38AM
UK Regulatory
TIDMRPT
RNS Number : 6406S
Regal Petroleum PLC
12 March 2019
12 March 2019
Regal Petroleum plc
("Regal" or the "Company")
VAS Licence Order
Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas
exploration and production group, announces the publication of an
Order by the State Service of Geology and Subsoil of Ukraine (the
"State Service") affecting the production licence for its
Vasyschevskoye ("VAS") gas and condensate field in Ukraine.
The Company has noted the publication of an Order for suspension
dated 11 March 2019 (the "Order") on the official website of the
State Service, relating to Special Permit No. 5626, which is the
production licence (the "Licence") for the VAS field. The Licence
is held by the Company's subsidiary, LLC Prom-Enerho-Produkt
("PEP"). However, this Order has not been served on PEP, and
neither does the published Order specify the grounds for the
issuance of the Order.
Under the applicable legislation, PEP will be required to shut
down production operations at the VAS field within 20 days of
licence suspension, and accordingly PEP is commencing preparatory
measures for a possible shutdown of production operations, in the
event that the Order cannot be suspended or set aside by legal
measures within this timeframe.
The Company is seeking to obtain further information on the
basis for the publication of the Order, and is taking measures to
protect its rights. The Company does not believe that there are any
grounds for the Order.
Although the Company is still investigating the situation, the
recent regulatory history of the Licence is entirely inconsistent
with the action taken by the State Service to publish the Order. In
October 2018, a scheduled compliance inspection for the Licence
took place, in which no significant issues were raised by the
inspectors, though there were some very limited matters raised
regarding the manner in which documentation relating to the Licence
activities was processed. However, these issues did not relate in
any way to compliance with any environmental, health and safety or
similar regulatory protection of hazardous activities, nor were
they related to any losses to the Ukrainian State or local
authority budgets. The Company provided responses and documentation
in relation to the matters raised by the inspectors within the
period required by the State Service, and since then there have be
no further requests or issues raised by the State Service.
The Company is confident there are no violations of the terms of
the Licence or in relation to the operational activities of the
Company that would justify the Order or the suspension of the
Licence.
The Company intends to take all available measures to protect
its rights in relation to this Order, including taking any
necessary legal action to protect its rights and recover any losses
suffered if production is suspended at the VAS field.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Regal Petroleum plc Tel: 020 3427 3550
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson Tel: 020 7638 9571
Nick Hayns / Elizabeth Kittle
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBSGDXSXBBGCD
(END) Dow Jones Newswires
March 12, 2019 10:38 ET (14:38 GMT)
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Apr 2024 to May 2024
Enwell Energy (LSE:ENW)
Historical Stock Chart
From May 2023 to May 2024