BVI-owned Alberry Ltd buys 15% of Regal Petroleum capital in Ukraine
Sunday, September 3rd, 2006Regal Petroleum PLC announced that Alberry Ltd, a company registered in the British Virgin Islands, has agreed to purchase ordinary shares of Regal Petroleum Corp. Limited (RPC), making 15% of RPC share capital, for 100 000 GBP in cash. Regal will keep the remaining 85% of RPC.
RPC is an indirect subsidiary of Regal Petroleum PLC, and is the holding company for Regal Petroleum PLC in Ukraine. Regal re-commenced production from its operations in Ukraine on August 1, 2006, and is still continuing its legal actions concerning the legality of its license. Neither Regal itself, nor any of its staff and directors, has ever had any interest in the British Virgin Islands offshore company which has acquired the shares.
Alberry Ltd., which helps Regal Pertroleum to secure its Ukrainian capital, was treated as a company known only to industry specialists. There were just some guesses about who stood behind it. Now the name of the BVI company’s owner is known, and he is said by Regal Petroleum to have extensive knowledge of oil and gas industry and ten years experience working in Ukrainian companies.
The BVI offshore company will also provide some additional services to RPC. These will be related to offshore company’s Ukrainian operations – sorting out the exact owner of Regal’s Ukrainian assets and trying to do it in company’s favour.