RXP.L Share News (RXP)

Oil and gas exploration and production group Regal Petroleum has entered into a conditional sale and purchase agreement with Apache East Ras Budran Corporation LDC in respect of its 25% non-operated interest in the East Ras Budran Concession in Egypt.Apache is currently Regal's partner in the concession, holding the remaining 75% interest. The consideration under the sale agreement is $1.1m, which will result in net receipts to Regal of $0.65m at the closing of the sale. AIM-quoted oil and gas explorer Range Resources has agreed with Africa Oil, the operator on the Dharoor Valey and Nugaal Valley exploration areas in Puntland, Somalia, that the second exploration well due to be drilled on or before 27 September 2011 will be included as part of Africa Oil's exploration commitments under the joint venture agreement between the two companies.Under this agreement, Africa Oil is obliged to spend US$22.5m in both Dharoor and Nugaal before Range reverts to a contributing basis. Africa Oil still has to stump up $15m for work on Nugaal before Range is obliged to chip in.Shares in Roxi Petroleum took a tumble Thursday after the Kazakhstan focused oil and gas company after disappoint drilling results on its NK20 well. "Although the results of NK20 are less favourable than NK 22, both wells indicate encouraging potential for the newly extended area for Galaz," said Roxi's chief executive officer, David Wilkes.