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.
Most watched Money videos
- Mini Cooper SE: The British icon gets an all-electric makeover
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- A look inside the new Ineos Quartermaster off-road pickup truck
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Incredibly rare MG Metro 6R4 rally car sells for a record £425,500
- Introducing Britain's new sports car: The electric buggy Callum Skye
- Top Gear takes Jamiroquai's lead singer's Lamborghini for a spin
- Footage of the Peugeot fastback all-electric e-3008 range
- Kia's 372-mile compact electric SUV - and it could costs under £30k
- CITY WHISPERS: North Sea tax gushers to dry up under Labour
- Rate cuts could crash copper prices, analysts warn
- Ten tricks from financial experts that can slash the cost...
- The Elizabethan manor I bought for £100k has been a huge...
- Why economists are telling women: You MUST have more...
- Dodgy Dyllan owes couple £2k after failing to service...
- Centrica in showdown over chief's £8.2m pay
- JEFF PRESTRIDGE: Lloyds' 40% interest rate - for 'good'...
- Glencore eyes bid for Anglo American coking coal assets
- MIDAS SPECIAL: Yes, the UK market is bursting back to...
- London-listed firms dish out £12bn in dividends in three...
- The money experts' guide on how to invest £10,000 at...
- Local councils urged to save Woodsmith workers at Anglo...
- Spare us politicians' quick fixes, says HAMISH MCRAE
- UK businesses urge Labour to scrap the tourist tax
- UTILICO EMERGING MARKETS: Building a better future -...
- Vodafone completes sale of its Spanish operations for £4.3bn
- MARKET REPORT: JD Sports drags its feet as few spend big...