The price has moved steadily upward over the past few weeks. There are rumours of imminent bids from JKX, Shell and others...?

What is rather telling is that the strategic review by Tristone (March 2007, below) indicates that "...no transaction is either imminent or certain to occur..." and yet the advisory team at Tristone linked to this mandate are corp. fin. and M&A.

Would be interested in your views.


Ukranian Production Licenses
March 9, 2007 - Appointment of Advisor
The Company is pleased to announce the engagement of Tristone Capital Limited, a specialist global energy advisory firm, as an advisor in the development of parts of Regal's asset portfolio. Tristone Capital has been engaged to advise on potential strategic options for Regal's Ukrainian production licences with a view to accelerating the further development of its existing producing gas fields, Mekhediviska-Golotvschinska (MEX-GOL) and Svyrydivske (SV). Regal's Directors would like to stress, however, that the initiation of a strategic review of options does not imply that any transaction is either imminent or certain to occur. Neil Ritson, Regal's Chief Executive Officer, commented: "As Regal seeks to develop its portfolio we are delighted to be able to work with the team at Tristone Capital who have gained an excellent reputation for their handling of a number of major transactions in the oil and gas sector."


For further information contact:
Mark Llamas
Managing Director, Acquisitions & Divestments
Tel: +44 (0) 207-399-2481
Email: mllamas@tristonecapital.com

Simon Ashby-Rudd
Executive MD, Corporate Finance
Tel: +44 (0) 207-399-2480
Email: sashbyrudd@tristonecapital.com

Rolf Bakker
Director, Acquisitions & Divestments
Tel: +44 (0) 207-399-2505
Email: rbakker@tristonecapital.com

Majid Shafiq
Director, Corporate Finance
Tel: +44 (0) 207-399-2482
Email: mshafiq@tristonecapital.com

now falling off a bit - any ideas why? what's the consensus view as no news in the market