Shell MOU with Regal Petroleum

Shell has decided not to proceed with the recently signed MOU for exclusive negotiations with Regal Petroleum plc regarding Ukraine assets.



Shell recently signed an memorandum of understanding (MOU) for exclusive negotiations with Regal Petroleum plc regarding Ukraine assets. The MOU with Regal was agreed with the previous management team. The management change of 22nd November at Regal was not expected by Shell, and we see from the new management’s comments that they may have changed their thinking on this transaction. Regal have indicated that they would like to review options. Therefore we have decided not to proceed with the MOU with Regal. In light of the publicity surrounding the MOU Shell will make public its decision.