Regal Petroleum invests $6m in gas explorations

British oil company Regal Petroleum, controlled by businessman Frank Timis, has launched exploration operations on the Romanian market this year, having scheduled investments worth 6 million dollars.

Regal Petroleum, a company with more than 131 million pounds (some $250 million) in market capitalisation has big plans for Central and Eastern Europe.

Last fall, the British operator even tried to enter the race for the takeover of SNP (National Oil Company) Petrom, Romania’s biggest company and submitted a joint letter of intent together with US-based Halliburton and Romanian company Tender SA. However, the Romanian authorities rejected the bid of the three companies, arguing they failed to meet the criteria included in the privatisation announcement.

Regal Petroleum is 40% held by businessman Frank Timis, according to the latest market information. Timis is also directly involved in the gold and silver mining project at Rosia Montana, through Canadian company Gabriel Resources, which holds 80 percent in the company established especially for this project – Rosia Montana Gold Corporation.

“Regal Petroleum has signed two concession agreements with the National Agency for Mineral Resources (ANRM), for a perimeter in the Suceava area and another one near Barlad. We have made more progress with the Suceava perimeter, for which we have been granted authorisations by almost every ministry, whereas the Government decision will hopefully be issued in April, so that we can start operations in May,” Mihail Ianas, Regal Petroleum representative in Romania and former ANRM chairman between 1997-2000 told Ziarul Financiar.

Regal Petroleum is involved in natural gas production operations in the Ukraine, being the first foreign exporter from this country to Western Europe and planning to start exporting natural gas to Central and Eastern Europe, as well. The company has recently borrowed 10 million pounds from the capital market.
adrian.mirsanu@zf.ro