Regal Petroleum PLC
01 September 2006
Immediate Release 1 September 2006
REGAL PETROLEUM PLC
('Regal' or 'the Company')
Joint Venture on the Suceava Concession, Romania
with Aurelian Oil & Gas plc
Regal is pleased to announce that Regal and Aurelian Oil & Gas plc ('Aurelian')
have today entered into a joint venture in respect of Regal's Suceava Concession
('Suceava Concession') in the North East of Romania.
Regal currently holds a 100% interest in the Suceava Concession and Aurelian has
agreed a farm-in for a 50% interest in the Concession upon Aurelian acquiring a
minimum of 150km of new 2D seismic and drilling one exploration well. Aurelian
will be the operator in the conduct of these works and, subject to completion of
such works and necessary consents, will be the operator of the concession for
the future. It is planned to undertake the 2D seismic acquisition in the fourth
quarter of 2006 with the exploration well planned in 2007.
The Suceava Concession is a large exploration, development and production block
in the North East of Romania with an area of 4,103 square kilometres. The
Concession is located on the Moldavan Platform which contains a number of
commercial gas fields.
Aurelian recently listed on AIM and is already active in Romania where it is the
operator of the Brodina Concession which is adjacent to the Suceava Concession.
Aurelian is currently progressing the Bilca gas development project on the
Brodina Concession which will shortly commence gas production.
Regal continues its exploration of the Barlad concession (to the south of the
Suceava Concession) where a 2D seismic acquisition programme has now been
completed and seismic processing is underway. Regal owns a 100% interest in the
Barlad Concession.
For further information, please contact:
Regal Tel: 020 7408 9500
Roger Phillips, Finance Director
Frank Scolaro, Non-executive Director
This information is provided by RNS
The company news service from the London Stock Exchange