Shell terminates Memorandum of Understanding covering interests in Ukraine

10:14, 26 November 2007
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Regal confirms

Shell has terminated a Memorandum of Understanding covering interests in Ukraine signed with oil explorer Regal Petroleum last week, Regal said Monday, according to ShareCast.

“The company is considering its options for the development and commercialization of its Ukrainian assets,” said Regal this morning.

The agreement with Shell over a sale of a 51% stake in its Ukraine interests was announced last Wednesday.

That was supposed to supplant a similar arrangement with MND Exploration and Production that expired in September 2007.

The consideration was set to comprise a cash payment of $50m plus an undertaking to finance the first $360m of costs in the development of the MEX-GOL and SV fields.

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