Regal Petroleum PLC
28 November 2005
Immediate Release 28 November 2005
Regal Petroleum Plc
('Regal' or the 'Company')
Romanian Exploration Well Completed
The Directors of Regal announce that the Company's exploration well (RSD-1) in
its Suceava licence reached a total depth of 1248 metres but failed to encounter
commercial quantities of hydrocarbons. The well is being plugged and abandoned.
A comprehensive suite of advanced wireline log data has been acquired and the
well has been completed ahead of time and under budget.
Exploration Director Richard Hardman said 'The Suceava Block, located on the
Moldavia Platform, is a 4,103 square kilometre exploration, development and
production licence area (equivalent to 20 North Sea blocks). This region
contains several large commercial gas and condensate fields. Whilst our first
well, SE-1, flowed gas from relatively thin sands, our second, RSD-1, has
encountered a number of good quality sands'.
He went on to say 'Whilst the result of this exploration well is disappointing,
we have acquired a large quantity of high quality and useful technical data
which is a prerequisite to a proper understanding of the block and the whole
region. This technical data will be utilised in our continuing exploration
programme in 2006, including the drilling of further wells. We remain confident
that this block has the potential to yield commercial reserves'.
For further information, please contact:
Regal Tel: 020 7408 9500
Roger Phillips, Finance Director
Buchanan Communications Tel: 020 7466 5000
Bobby Morse / Ben Willey
This information is provided by RNS
The company news service from the London Stock Exchange