Regal Petroleum PLC
06 April 2004
6 April 2004
REGAL PETROLEUM PLC
Acquisition of onshore oil interest in Egypt
Regal Petroleum ('Regal') is pleased to announce that it has signed heads of
agreement to acquire, subject to Egyptian government approval, LK Exploration
N.V.'s ('LKE') interest in certain petroleum exploration and production rights
in the East Ras Budran Area, Gulf of Suez, Egypt.
The property contains four large prospects identified following the evaluation
of existing data. The prospects have the potential for significant oil reserves.
An independent study will be completed in due course.
The concession area is in one of the most prolific petroleum provinces in the
world. Surrounding oil fields nearby include Ras Budran, October, Abu Rudeis,
Belayim Onshore and Belayim Offshore, which range from 270 million barrels to
over 1 billion barrels of recoverable reserves.
During the first three years of the concession period, Regal has a commitment to
spend $4million during the exploration stage.
A further detailed statement will be made in due course.
For further information please contact:
Regal Tel: 020 7647 6622
Frank Timis, Executive Chairman
Buchanan Communications Tel: 020 7466 5000
Bobby Morse / Catherine Miles
This information is provided by RNS
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