Regal Petroleum PLC
19 November 2003
Immediate Release 19 November 2003
REGAL PETROLEUM PLC
('Regal')
Kavala Oil S.A. Commences Drilling of Kallarachi Prospect, Greece
The directors are pleased to announce that Kavala Oil S.A. ('Kavala') has
commenced drilling of an exploration well at the Kallarachi exploration field.
Based on an independent opinion by consultants Troy Ikoda, the field is expected
to contain up to 227 million barrels of recoverable oil.
The well is scheduled to be drilled to its target depth of 2,500 metres by 31
January 2004 and is budgeted to cost US$8.5 million. The cost of drilling is
being funded by the US$30 million credit facility provided by Regal to Kavala.
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
Glenn Featherby, Finance Director
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