Regal Petroleum PLC
23 January 2004
For Immediate Release 23 January 2004
REGAL PETROLEUM PLC
('Regal')
Kavala Oil S.A. Completes Drilling of First Kallirachi Well
The directors are pleased to announce that Kavala Oil S.A. ('Kavala') has
successfully completed the drilling of an exploration well to a depth of 2,556
metres in the Kallirachi exploration field in Greece, and that the presence of
hydrocarbons has been detected.
Initial logging of the well indicates a 200 metre gross pay zone with a 61 metre
sweet oil net pay zone.
Additional technical interpretation and analysis has commenced in order to
quantify and confirm the deliverability of the reservoir. Regal will announce
the findings of the technical interpretation as soon as they are completed.
The cost of drilling was within budget and was funded from the credit facility
provided by Regal to Kavala
Prior to the drilling of the exploration well, independent experts estimated
that the field may contain up to 227 million barrels of recoverable oil. The
initial results of this exploration well confirm the confidence of the Directors
in the considerable potential of the Kallirachi field.
Kavala is a private company incorporated in Greece in which Regal has an
indirect 57.69 per cent. interest.
For further information, please contact:
Regal Tel: 020 7647 6622
Frank Timis, Executive Chairman
Stephen West, Company Secretary
Buchanan Communications Tel: 020 7466 5000
Bobby Morse / Catherine Miles
This information is provided by RNS
The company news service from the London Stock Exchange