Regal Petroleum PLC
30 June 2005
Immediate Release 30 June 2005
REGAL PETROLEUM PLC
('Regal' or the 'Company')
Reserves Update
The Directors announce an update on the reserves reports being prepared by
independent auditors on the Company's Ukraine and Greece proven and probable
reserves.
The scope for the reserves reports provided to the independent auditors was
incomplete and consequently further work is underway. The Company has been
advised by the auditors that it will take approximately six weeks to finalise
these reports.
Ahead of the publication of these reports, the Directors are able to provide the
following results:
Ukraine
The Company engaged independent reserve auditors Ryder Scott Company, L.P. ('
Ryder Scott') to estimate the remaining reserves of its Ukraine licence areas.
The Ukraine licence areas consist of two ages of Lower Carboniferous reservoirs:
the Visean ('B reservoirs') and the Tournasian ('T reservoirs').
Ryder Scott has issued a report on the B reservoirs which is summarised as
follows:
B Reservoirs Proven Probable Proven + Probable
Gas MMcf 430 409 839
Condensate MMbbls 12 14 26
Total MMboe 88 86 174
The Company believes that this report compares favourably with the previously
produced reserves estimate prepared by independent consultants Troy-Ikoda
Limited ('Troy Ikoda') in 2002. The Troy Ikoda report on the B reservoirs is
summarised as follows:
B Reservoirs Proven Probable Proven + Probable
Gas MMcf 422 298 720
Condensate MMbbls 16 21 37
Total MMboe 90 74 164
The Company has requested that Ryder Scott extend their scope to report on the T
reservoirs and this work is currently underway.
The 2002 Troy Ikoda report included the T reservoirs. The combined reserves for
the B & T reservoirs as reported by Troy Ikoda is summarised as follows:
B&T Reservoirs Proven Probable Proven + Probable
Gas MMcf 422 464 886
MMbbls 16 21 37
Total MMboe 90 103 193
It is expected that the final Ryder Scott report including the T reservoirs will
take approximately six weeks to complete. A further announcement will be made
in due course.
Greece
The last independent audit report on the combined reserves for the Prinos,
Prinos North and Epsilon fields was carried out by Troy Ikoda and published in
June 2003. The results of this audit are summarised as follows:
Prinos and Prinos North Proven Probable Proven + Probable
and Epsilon
Oil MMbbls 11 13 24
Total MMbbls 11 13 24
The Company more recently engaged independent reserve auditors McDaniel &
Associates Consultants Ltd ('McDaniel's') to re-audit the Prinos and Prinos
North fields and this work is nearing completion.
McDaniel's have now been asked to re-audit the Epsilon field and it is expected
that the final McDaniel's report including Epsilon will take approximately six
weeks to complete. A further announcement will be made in due course.
For further information, please contact:
Regal Tel: 020 7408 9500
Roger Phillips, Finance Director
Buchanan Communications Tel: 020 7466 5000
Bobby Morse / Ben Willey
Definitions:
MMcf Millions of cubic feet
MMbbls Millions of barrels
MMboe Millions of barrels oil equivalent
This information is provided by RNS
The company news service from the London Stock Exchange