Regal Issues Update on Ukraine Legal Action
Regal Petroleum plc said that, in relation to the legal action brought by Chernihivnaftogasgeologia ("CNGG") against the Ministry of Environmental Protection ("MEP") challenging the validity of Regal's production licenses in the Ukraine, the company has obtained an order that this action be submitted to the Kiev Commercial Court for consideration of new circumstances.
CNGG brought the legal action against its own parent organization, the MEP, claiming that the correct procedures were not followed in the awarding of two production licenses to Regal in July 2004.
On 10 November 2005, at the initial hearing of such action, the Kiev City Commercial Court upheld CNGG's claim. On 31 January 2006, at the appeal hearing of such action, the Kiev Court of Appeal again upheld CNGG's claim.
On 5 May 2006, at the further appeal hearing of such action, the Supreme Administrative Court of Ukraine again upheld CNGG's claim.
Following an application by Regal, the Kiev Commercial Court has made an order that this action be submitted to the Kiev Commercial Court for reconsideration of the earlier orders made in this action on the basis of new circumstances. In addition this Court has ordered that the earlier orders made in this action be stayed pending the hearing of the action in the Kiev Commercial Court.
The hearing of the action in the Kiev Commercial Court has been listed for 19 September 2006.
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Company: Chernihivnaftogasgeology (CNGG) more info
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