Regal Petroleum surges on bid talk

Regal Petroleum, the AIM-listed oil-and-gas exploration and production group which recently put its Ukrainian drilling operations on hold, has received a number of bid approaches.

The company said the talks were at a preliminary stage and that there could be no certainty that any offer would be forthcoming. The news sparked a surge in its shares, which rose by 46 per cent to close at 18.25p.

Earlier this month, Regal – once led by controversial businessman Frank Timis, who now owns less than 3 per cent – said it was putting its Ukrainian operations on hold while it sought to resolve issues with local authorities.