RPT.L Regulatory News (RPT)

9 May 2007 13:24

Regal Petroleum PLC09 May 2007 Immediate Release 9 May 2007 REGAL PETROLEUM PLC ("Regal" or the "Company") Proposed Amendments to Subscription and Services Agreement dated 8 August 2006 The Company is pleased to announce that it has entered into a conditional agreement (the "Deed of Amendment") with Alberry Limited ("Alberry") and Regal Petroleum Corporation Limited ("RPC"), to amend certain provisions of the Subscription and Services Agreement dated 8 August 2006. The Deed of Amendment, is subject, inter alia, to shareholder approval and the Company will shortly be posting a circular and notice of Extraordinary General Meeting ("EGM") to shareholders. A detailed summary of the terms of the Deed of Amendment will appear in the circular, copies of which shall be obtainable from the Company's website: www.regalpetroleum.co.uk The proposed amendments to be made to the Subscription and Services Agreement,include bringing forward the date on which the validity of the licences inrelation to the Mekhediviska/Golotvschinska ("MEX-GOL") and Svyrydivske ("SV")fields in Ukraine are to be assessed and therefore also the date on which Regalwould purchase the 1,800 ordinary shares in the capital of RPC ("RPC Shares")held by Alberry (which equates to 15 per cent. of the issued share capital ofRPC). It is also proposed that the terms of the lock up restrictions which wouldapply to Alberry as a shareholder of the Company will be altered to reflect thechanged situation. In the event that the licences are proven to be valid on the relevant date inaccordance with the terms of the Subscription and Services Agreement, Regal willbe obliged to purchase and Alberry will be obliged to sell the RPC Shares for aconsideration of US$50,901,300, which may be satisfied in whole or in part incash or by the allotment and issue of shares in the capital of the Regal, atRegal's absolute discretion. Should the licences be proven to be invalid on therelevant date, Regal will be obliged to purchase and Alberry will be obliged tosell the RPC Shares for a consideration of £50,000, payable in cash. None of the Company, its directors, officers and employees has or has had anyinterest in the shares in the capital of Alberry. For further information, please contact: Regal Tel: 020 7408 9500 Neil Ritson, CEOFrank Scolaro, Chairman This information is provided by RNS The company news service from the London Stock Exchange