Regal Petroleum's 'slap on the wrist'
Oil explorer Regal Petroleum was hit with a £600,000 fine by the London Stock Exchange for misleading investors about the true level of its oil reserves between 2003 and 2005.
Analysts labelled the penalty a 'slap on the wrist'.
The report names neither Regal's controversial former chief and founder Frank Timis, who was forced to resign over the scandal, nor its stockbroker Evolution.
Timis was twice convicted in the early 1990s for possessing heroin with intent to supply.
LSE said Regal's claims of oil reserves of up to 227m barrels at a Greek prospect were excessively optimistic, and accused the company of a 'reckless disregard' for Aim market rules.
Regal (up 3p at 106½p) was slow to tell investors when drilling revealed an absence of oil, the LSE said.
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