The London Stock Exchange halted a GBP60 million flotation for African Petroleum PLC (AP.LA) due to concerns about the company founder's past, the Sunday Times reported without citing sources.

The report said the exchange told founder Frank Timis' advisers last week that the float could not go ahead if he had a position on the board.

The story said the decision was based on his role at Regal Petroleum PLC (RPT.LN). The company was fined GBP600,000 in November for making misleading statements about the potential of two Greek oil wells.

Web site: http://business.timesonline.co.uk

-London Bureau, Dow Jones Newswires; 44-(0)20-7842-9413