04-03-04 British oil company Regal Petroleum, controlled by businessman Frank Timis, has launched exploration operations on the Romanian market this year, having scheduled investments worth $ 6 mm.
Regal Petroleum, a company with more than £ 131 mm (some $ 250 mm) in market capitalisation has big plans for Central and Eastern Europe.

Last autumn, the British operator even tried to enter the race for the takeover of SNP (National Oil Company) Petrom, Romania's biggest company and submitted a joint letter of intent together with US-based Halliburton and Romanian company Tender.
However, the Romanian authorities rejected the bid of the three companies, arguing they failed to meet the criteria included in the privatisation announcement.

Regal Petroleum is 40 % held by businessman Frank Timis, according to the latest market information.
Timis is also directly involved in the gold and silver mining project at Rosia Montana, through Canadian company Gabriel Resources, which holds 80 % in the company established especially for this project -- Rosia Montana Gold Corporation.