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Daily Telegraph: Business diary: Nothing slick about this right Regal mess

Edited by Simon Goodley
Last Updated: 1:22am GMT 29/11/2007

More on the fall-out at Regal Petroleum, the oil explorer that surprised the City last week when it gave the top job to former Royal Dutch Shell executive, David Greer.

The company had just signed what looked like a cracking deal with Shell – an agreement that the City viewed as part of Regal’s rehabilitation after a share price collapse in 2005 when it struck water, not oil – but the sudden management changes spooked everybody.

Shell, which once employed Greer until his David Brent-style motivational email was leaked to the press, withdrew from its Regal agreement, the group’s public relations advisers resigned and now I hear of another back-tracker.

Oil gossips gush that before this debacle, the company had lined up a respected new chairman in Sir Richard Needham, Sir James Dyson’s right-hand man. He doesn’t fancy it now.

An (on-notice) spokesman adds: “People had been approached, but we were not told who,” while the Regal switchboard blocks: “We’re not talking directly to the press”.

I merely posed the question.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/11/29/ccdiary129.xml

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