Regal Petroleum plc (part of Smart Energy Group), oil and gas exploration and production company in Ukraine, announces changes in its management structure from 1 August 2017.

In particular, Sergei Glazunov, who earlier was holding the position of an Independent Director of the company since February 2012, and later the position of the Financial Director since November 2014, is now appointed as Chief Executive Officer of Regal Petroleum plc.

In his turn, Evgeniy Palyenka is appointed as the Financial Director of Regal Petroleum plc. Mr Palyenka joined the company's executive team as an advisor in August 2016. He has extensive experience in the Ukrainian oil and gas industry. For nearly 20 years, he had been holding leading positions in the financial section of JKX Oil & Gas plc. Mr Palyenka is a member of the Association of Chartered Certified Accountants (ACCA). He received his education in finance and economics at Kharkov State University and Oklahoma State University.

‘The re-organization that we are announcing today reflects the current state of the company's management process, which is primarily run from Ukraine. I am pleased to inform you that Sergei Glazunov will be taking over the executive function, which until recently I was fulfilling. And I also welcome Evgeniy Palyenka to the management team as CFO,’ said Keith Henry, Chairman of Regal Petroleum plc.

Let us recall that Sergei Glazunov is also the CEO of Smart Energy Group.

It was also previously reported that Regal Petroleum plc was founded in 1996 and is a public company listed on the AIM – London Stock Exchange. In Ukraine, the company operates through its representative office, Regal Petroleum Corporation Limited, and Prom-Energo Product LLC. All the companies are part of Smart Energy Group.

Regal Petroleum Corporation Limited holds special permits for the commercial development of Mekhedovsko-Golotovschinskoye and Sviridovskoye gas-condensate deposits (Poltava region) valid until 2024. Prom-Energo Product LLC holds special permits for commercial development of Vasischevskoye gas-condensate deposit (Kharkov region) with a validity period up to 2032.

Reference

Smart Energy is a part of Smart-Holding in charge of implementing exploration projects, commercial development of the hydrocarbon deposits and alternative energy initiatives.

Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkov region) and Regal Petroleum, a listed British company having assets in Poltava and Kharkov regions (Prom-Energo Product).