Britain's Regal Petroleum Plc. with assets in Ukraine, oil and gas exploration and production group, as well as the owner of Ukrnaftinvest (UNI) Lidia Chernysh and Bolaso Investments Limited of Leonid Kozachenko, have failed to reach a final agreement for the potential acquisition of UNI, Regal reported on the website of the London Stock Exchange (LSE) on Wednesday.

"Regal Petroleum Plc announces that the memorandum of understanding for the potential acquisition of PJSC Science and Production Concern Ukrnaftinvest (UNI), announced on November 26, 2019, has expired and is consequently terminated. The parties to the memorandum… were unable to reach a final agreement for the potential acquisition of UNI," the company said.

Regal said that the provisions relating to such termination set out in the memorandum are now applicable, and these include the refund of the deposit of $0.5 million previously paid under the memorandum within five business days.