Renaissance Group cuts stake in Regal Petroleum from 6% to 1.17%
KYIV. Feb 9 (Interfax) - Renaissance Group has reduced its stake in British oil and gas company with assets in Ukraine Regal Petroleum plc from 6% to 1.17%, Regal said in a statement on the London Stock Exchange's (LSE) website.
Renaissance Group currently owns 3.745 million Regal shares, which are divided between Bermuda-based Renaissance Capital Holdings Ltd and Cyprus-based Renaissance Securities Ltd.
At the beginning of August last year, Regal resumed hydrocarbon production at the Mekhedivsko-Golotovshchinskoye and Sviridovskoye gas condensate fields, both of which are located in Ukraine's Poltava region.
The Kyiv District Administrative Court earlier lifted the Natural Resource Ministry's ban on Regal's development of the fields, thereby putting an end to the proceedings ongoing since March 2010. During that period, Regal's shares dropped significantly, and a controlling stake was purchased by Energees Management, controlled by businessman Vadim Novinsky.
