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Regal Petroleum has entered into a conditional sale and purchase agreement with Zeta Petroleum Plc for the sale of the company’s wholly-owned Romanian subsidiary, Regal Petroleum Romania SRL, which holds 50% non-operated interest in the Suceava concession in Romania.
The consideration under the sale and purchase agreement is $650,000, which is payable in cash on completion. The consideration is subject to certain adjustments to be made on completion of the sale.
Following completion of the sale, Regal will be solely focused on its assets in Ukraine.