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Shell signs MOU with Regal Petroleum for Ukraine gas

Posted: 21 November 2007

Shell Exploration & Production Ukraine Investments (I) B.V. has signed a non-binding memorandum of understanding (MOU) with Regal Petroleum plc, to acquire a 51 per cent interest in Regal Petroleum (Jersey) Limited, a wholly owned subsidiary of Regal Petroleum plc indirectly holding the licences for the Mekhediviska-Golotvschinska and Svyrydivske gas fields in Ukraine.

Under the terms of the MOU, Shell would become the operator of the gas fields which are in the Dniepr Donetsk sedimentary basin where most of Ukraine's gas and condensate production is located.

"The MOU is another important step in Shell's development in Ukraine. The growth potential from the Mekhediviska-Golotvschinska and Svyrydivske fields is a clear fit with Shell's strategy," said
Patrick van Daele, General Manager, Shell Ukraine Exploration & Production 1 LLC.

The negotiations, which are exclusive to Shell and Regal, are subject to due diligence and final transactional documentation. If successfully completed, the MOU builds on Shell's position in the Dniepr Donetsk basin.



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