Regal’s Shake-Up
Of Management
Comes as Surprise
A WALL STREET JOURNAL NEWS ROUNDUP
November 26, 2007; Page A14
LONDON — Royal Dutch Shell PLC said it won’t proceed with an agreement reached days ago to acquire the Ukraine assets of United Kingdom-listed Regal Petroleum PLC, following Regal’s surprise move to appoint a new chairman and chief executive.
Shell spokeswoman Eurwen Thomas said the management change at Regal “wasn’t expected by Shell, and we see from the new management’s comments that they may have changed their thinking on this transaction.”
She said that Regal, a U.K. oil-and-gas company, “indicated that they would like to review options. Therefore we have decided not to proceed” with the memorandum of understanding.
On Wednesday, Shell signed a memorandum of understanding with the previous Regal management. The Anglo-Dutch oil company agreed to pay $50 million to Regal upfront for a 51% stake in the company’s Ukranian gas and condensate field licenses. Shell also agreed to invest $360 million to develop the fields as part of the purchase.
On Thursday, Regal said Chairman Francesco Scolaro and CEO Neil Ritson had resigned and that David Greer — until recently a senior Shell employee — would take on both roles.
Mr. Greer was most recently deputy CEO of Sakhalin Energy Investment Co., controlled by a Shell until March of this year. He resigned after one of its motivational memos was leaked to the media.
Oil analyst Tony Alves of brokerage house KBC Peel Hunt in London said Shell’s decision to walk away from the decision doesn’t bode well for Regal Petroleum. The oil-and-gas company now has “no way of financing the drilling of the fields” in Ukraine.
No one was available for comment at Regal.
Regal shares dropped sharply in London after news the memorandum of understanding had been canceled, closing down 14% to £1.40 ($2.89).
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.
