Business
East Ras Budran Concession, E
East Ras Budran Concession, E.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 1552A Regal Petroleum PLC 27 January 2011 \n \n\n \nRegal Petroleum plc\n(\"Regal\" or the \"Company\")\n \n27 January 2011\n \n \nSALE OF INTEREST IN EAST RAS BUDRAN CONCESSION, EGYPT\n \nRegal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces that it has entered into a conditional sale and purchase agreement with Apache East Ras Budran Corporation LDC (\"Apache\") in respect of its 25% non-operated interest in the East Ras Budran Concession (the \"Concession\") in Egypt. \n \nApache is currently Regal's partner in the Concession, holding the remaining 75% interest and acting as operator of the Concession.\n \nThe consideration payable under the sale agreement is US$1,100,000, subject to accounting adjustments under the current joint venture between Regal and Apache, which will result in net receipts to Regal of US$649,402 at closing of the sale. The sale agreement is subject to Egyptian Government approval of the transaction, which is expected to take some weeks to obtain. Closing of the sale will take place immediately after Egyptian Governmental approval is granted. \n \n \nFor further information, please contact:\n \nRegal Petroleum plc Tel: 020 7408 9500 \nKeith Henry, Chairman \nRobert Wilde, Finance Director\n \nStrand Hanson Limited Tel: 020 7409 3494 \nSimon Raggett / Rory Murphy\n \nCitigate Dewe Rogerson Tel: 020 7638 9571\nMartin Jackson / George Cazenove\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END AGRDKADPOBKDODB \n ","length":3449,"tagName":"div"}]