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During the period 1996 to 1999 Regal conducted reviews of a number of oil and gas projects in Ukraine which led to an exploration joint venture agreement in August 1999 under which Regal acquired a 75% interest in the Mekhediviska, Golotovschinska and Svyrydivske (MEX, GOL and SV) gas field areas in Eastern Ukraine.
Prior to its flotation in September 2002, Regal invested approximately US$8 million in identifying, assessing and developing the joint venture project to the point of initial production. In September 2002 Regal raised £10 million through an institutional placing and was admitted for trading on the Alternative Investment Market (AIM) of the London Stock Exchange on 27 September 2002.
In July 2004 Regal was awarded a 100% interest in 2 production licences, each for a period of 20 years, in the former exploration joint venture area of the MEX-GOL and SV fields in Ukraine. Since then, Regal has been progressing the development of these fields.
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