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Tuesday, 07 October, 2008, 14:40 GMT | more prices >>

Regal cashes up



By Rob Watts 

AIM-listed Regal Petroleum raised £20.5 million ($40.7 million) through a new share issue this morning.

Institutional investors snapped up the 8.34 million new ordinary shares -- about 4.1% of the company’s issued stock -- which were priced at 245 pence each.

The company, run by chief executive David Greer, will use the cash to fund appraisal work at its main assets in Ukraine, as well as other exploration work in Romania.

Regal said recently it was giving up the hunt for a partner to develop its Ukraine gas fields and will take on the project alone.

Regal shares rose about 2.5% to more than 249 pence after the news before slipping back to 242 pence at 10.06am London time.


Thursday, 03 July, 2008, 09:36 GMT  | last updated: Thursday, 03 July, 2008, 09:55 GMT

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