Regal Petroleum has agreed to acquire Ukrnaftinvest for $ 40 million

Regal Petroleum, a British oil and gas company, has agreed to acquire Ukrnaftinvest, the Regal Petroleum press service said.

Uknaftinvest holds licenses for the development of Beloliska and AlibeyskaTrapivska oil and gas bearing areas in the south of Odesa region.

In May, the company submitted an EIA of the planned activity for the construction of 8 prospecting and exploration wells with a depth of 3300-3400m. But according to the conclusion given to EIA on August 16, 2019 the company was granted the license.

Regal Petroleum has signed a memorandum with Lidia Chernysh and BolasoInvestments Limited of Leonid Kozachenko, which owns 50% of Ukrnaftinvest, on the purchase of their shares for $ 40 million. The majority shareholder of Regal, which owns 82.65%, is Pelidona Services Limited (Cyprus) ofVadym Novinsky’s Smart Holding Group. Another 6.95% of the stock is owned by Pope Asset Management.

14:10 / 26 November, 2019

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