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Romania Update
Romania Update.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 0788T Regal Petroleum PLC 22 September 2010 \n \n\n \nRegal Petroleum plc\n(\"Regal\" or the \"Company\")\n \n \n22nd September 2010\n \nRomania Update\n \nBarlad licence extension approved\n \nRegal, the AIM-listed oil and gas exploration and production group (symbol: RPT), is pleased to announce that it has today obtained approval from the Government of Romania to extend its rights as the legal holder of the petroleum exploration, development and production rights in relation to the Barlad Block EV-2 (100% working interest and operator, total area of 6,284 km2 located in north east Romania). These rights have been granted under the terms of the concession agreement originally signed in January 2004 between the National Agency for Mineral Resources and Regal and subsequently extended by a new licence extension agreement dated 21st September 2010.\n \nAs a result of this approval, the licence has been extended by 2 ½ years from 1st September 2010 until 1st March 2013 based on a new minimum work programme commitment, valued at $US 5.1 million, comprising:\n \n1. Seismic data acquisition and processing: 200 km 2D \n2. Data interpretation and correlation and other integration studies \n3. Drilling of one well to 2500 m\n4. Technology transfer fund contribution\n \nUnder the terms of this latest agreement, Regal has the right, following the accomplishment of the above work programme, to request a further 2 ½ year extension with a further minimum exploration programme, to be agreed.\n \n \nFor further information, please contact:\n \n\n\n\n\nRegal Petroleum plc\n\n\nTel: 020 7408 9500 \n\n\n\n\nDavid J Greer, CEO\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrand Hanson Limited\n\n\nTel: 020 7409 3494\n\n\n\n\nSimon Raggett / Rory Murphy\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCitigate Dewe Rogerson\n\n\nTel: 020 7638 9571\n\n\n\n\nMartin Jackson / George Cazenove\n\n\n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END  ...