LONDON (AFX) - Regal Petroleum PLC said Kavala Oil SA, Regal's subsidiary in Greece, will give up day to day operational management after the unit reached a settlement with respect to recent industrial unrest.
Under the settlement, the operational management of Kavala will be undertaken by Greek local management.
Regal, which is the majority shareholder in Kavala, said it does not plan to re-implement its well work-over programme at present. It will also consider the economic viability of further support or investment in Kavala once the economics of the operation under Greek local management has been assessed.
Following the settlement, Kavala will continue its production operations as previously, it said.
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Under the settlement, the operational management of Kavala will be undertaken by Greek local management.
Regal, which is the majority shareholder in Kavala, said it does not plan to re-implement its well work-over programme at present. It will also consider the economic viability of further support or investment in Kavala once the economics of the operation under Greek local management has been assessed.
Following the settlement, Kavala will continue its production operations as previously, it said.
newsdesk@afxnews.com
jc
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
