By Ed Crooks and Dino Mahtani
Published: November 23 2007 02:00 | Last updated: November 23 2007 02:00
In a development that is extraordinary even by the standards of the company, Regal Petroleum has replaced its chairman and chief executive the day after agreeing a memorandum of understanding with Royal Dutch Shell that was hailed as a very good deal for the company.
It was announced yesterday that John Ritson, chief executive, and Francesco Scolaro, chairman, had resigned, to be replaced by David Greer, an experienced former Shell executive, who will be chairman and chief executive.
The appointment throws into doubt the deal with Shell, under which Europe’s biggest oil company would pay $500m (£240m) for a 51 per cent stake in two gas fields in Ukraine and commit to investing $360m to develop them.
Mr Greer attracted attention earlier in the year when a motivational e-mail sent to his managers, borrowing phrases from General George Patton, was reported in the Financial Times.
He stepped down in the summer as deputy chief executive of the company developing Shell’s $20bn Sakhalin 2 project off the east coast of Russia.
He has been working as the chief executive of an exploration and production company controlled by Frank Timis, who owns about 20 per cent of Regal’s shares.
Regal shareholders, including Blackrock, had hoped for some time to bring Mr Greer on board as the company embarks on costly development in Ukraine.
But he was offered the job only yesterday after the Shell deal had been announced.
Mr Greer said he planned a “dramatic” increase in drilling in Ukraine, with the aim of “markedly” increasing proved reserves.
“We have to evaluate this Shell offer and compare it against other funding mechanisms,” he said.
Another possibility for funding the development would be through a share issue, which shareholders who backed Mr Greer’s appointment would probably support. Mr Timis said: “I see nothing stopping the Shell deal going ahead.”
Copyright The Financial Times Limited 2007
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
