Completion of the Acquisition

Regal Petroleum PLC 23 October 2003 Immediate Release 23 October 2003 Regal Petroleum plc ('the Company' or 'Regal') Completion of the Acquisition Further to the announcement dated 26 September 2003, the Company is today pleased to announce the successful completion of the acquisition of 86.11 per cent. Of the issued share capital of Eurotech. As a result of the Acquisition, the Company indirectly owns 57.69 per cent. Of Kavala. At the time of the publication of the Circular (as defined below), Regal had intended to acquire a total of 33,900 Eurotech Shares representing 89.92 per cent. Of the issued share capital of Eurotech. The terms of the Acquisition have since been amended to the extent that Regal is no longer acquiring the 5,236 Eurotech Shares held by the Heirs. Accordingly, as disclosed in the Circular Regal has agreed to acquire all of the Eurotech Shares held by Nikolaos Loutsigkas, a proposed director of Regal. As a result, following completion of the Acquisition, Regal holds 86.11 per cent. Of the entire issued capital of Eurotech with the balance held on behalf of the Heirs. Under the terms of the revised Acquisition Agreement, the Company does not have any right or option to acquire the Heirs Shares. Accordingly, 4,788,200 new Ordinary Shares have been allotted, subject only to Admission, by the Company in consideration for the Acquisition. The Placing is now only conditional upon the admission to trading on AIM of an aggregate of 40,874,867 new Ordinary Shares and the Placing Agreement not being terminated in accordance with its terms. Admission is expected to become effective, and dealings in the New Ordinary Shares commence, on 27 October 2003. Words and expressions used in this announcement shall, unless the context otherwise requires, bear the same meanings as set out in the circular to Shareholders dated 26 September 2003 ('Circular') copies of which are available from the offices of the Company at 49 Albemarle Street, London W1S 4JR. - END - This information is provided by RNS The company news service from the London Stock Exchange