Business
Farm-Out Agreement
Farm-Out Agreement.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n Regal Petroleum PLC\n05 October 2006\n\n\n\n--------------------------------------------------------------------------------\n\n\nImmediate Release 5 October 2006\n\n\n\n REGAL PETROLEUM PLC\n\n ('Regal' or 'the Company')\n\n\n Joint Venture on the East Ras Budran Concession, Egypt\n\n with Apache Khalda Corporation\n\n\n\nRegal is pleased to announce that Regal and Apache Khalda Corporation LDC\n('Apache Khalda') have entered into a joint venture in respect of Regal's East\nRas Budran Concession ('ERB Concession') in Egypt.\n\n\nRegal currently holds a 100% interest in the ERB Concession and Apache Khalda\nhas agreed a farm-in for a 75% interest in the ERB Concession upon Apache Khalda\npaying approximately $4.85 million representing a proportionate re-imbursement\nof back costs expended by Regal on this Concession. Regal and Apache Khalda have\nagreed a future exploration programme which includes a 3D seismic survey and the\ndrilling of 2 wells on the Concession with a total programme cost in excess of\n$12 million. Apache Khalda will be the operator of the Concession for the\nfuture, subject to Egyptian Government approval of the transaction. Regal and\nApache Khalda will fund future activities on the Concession in proportion to\ntheir respective interests.\n\n\nThe ERB Concession is an onshore exploration block in the East Ras Budran Area,\nWestern Sinai Peninsula, Gulf of Suez, Egypt with an area of 521 square\nkilometres. The southern part of the block is a flat semi-desert, the Baba\nPlain, whilst the north of the block comprises low lying mountains.\n\n\nApache Khalda is a subsidiary of US-based Apache Corporation, one of the largest\noil and gas operators in Egypt. Apache Corporation, which also operates in the\nUnited States, Canada, the United Kingdom sector of the North Sea, Australia and\nArgentina, is listed on the New York Stock Exchange and NASDAQ with an\napproximate market capitalisation of $20 billion.\n\n\n\n\n\nFor further information, please contact:\n\nRegal Tel: 020 7408 9500\n\nRoger Phillips, Finance Director\nFrank Scolaro, Non-executive Director\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2568,"tagName":"div"}]