Regal Petroleum, the Aim-listed oil and gas group founded by Frank Timis, on Friday unveiled a long-awaited deal to develop its Ukrainian gas fields.

Regal said it had signed a memorandum of understanding with MND Exploration and Production, a private Czech oil company, that would involve MND receiving a 50 per cent stake of Regal’s Ukrainian gas assets in return for a commitment to spend $330m (£163m) on their development.