Regal Petroleum chief executive steps down after Ukrainian disappointment

OIL explorer Regal Petroleum said its wells in Ukraine had performed poorly and it would carry out a strategic review, adding that its chief executive David Greer was stepping down.

The company said yesterday it had agreed to sell its licence in Romania to Chevron for $25m (£15.9m), as part of a move to refocus its activities solely on Ukraine announced earlier in September.

“Following the poorer than anticipated production achieved from well MEX-120 and the work-over programme in Ukraine, the company is undertaking a strategic review of reservoir performance,” Regal said.

Chief executive David Greer had resigned, Regal said, and chairman Keith Henry would take over his responsibilities in the meantime.

Only last month Regal parted company with its financial adviser Mirabaud Securities after it emerged it was spearheading an attempt to oust Greer on behalf of its former founder.

The company has proved plus probable oil reserves of around 152m barrels of oil, according to an independent report.