Geo-Alliance gives up Regal bid

Energees came closer to taking over AIM-listed explorer Regal Petroleum yesterday, as rival bidders Geo-Alliance and Heamoor walked away from making an improved offer. Energees, whose £85m bid won the support of Regal’s board last Sunday, also received irrevocable undertakings from Ukrainian fund manager Timur Khromaev yesterday, taking total support for the bid up to 14.54 per cent. Regal shareholders have until next Thursday to accept the 38p per share offer for 70 per cent of the firm.