RPT.L Regulatory News (RPT)

21 Dec 2007 07:01

Regal Petroleum PLC21 December 2007 Immediate Release 21 December 2007 REGAL PETROLEUM PLC ("the Company") Sale of Eurotech Services SA The Company announces that it has completed the sale of its entire shareholdingin Eurotech Services SA to Aegean Energy SA, a Greek-owned company. EurotechServices SA is a holding company incorporated in Greece through which theCompany previously owned its 95% economic interest in Kavala Oil SA. Under theterms of sale, the Company sold the entire issued share capital of EurotechServices SA to Aegean Energy SA for a consideration of US$1.5 million in cash.The Company fully impaired its investment in Eurotech Services SA in itsaccounts for the year ended 31 December 2006 and no profits were attributable toits investment in Eurotech Services SA in such period. The Company intends touse the sale proceeds for working capital purposes. In addition, the Company hasassigned to an associated company of Aegean Energy SA its equitable interests incertain indebtedness owing to the Company for a nominal consideration as well asits interests in certain plant and equipment for deferred cash consideration tobe determined by independent valuation and by reference to any net resaleconsideration received, although the Company is unable to advise of the amountof such deferred cash consideration at this time as there are a number ofcontingent factors relating thereto save to advise that it is not believedlikely to be significant. For further information, please contact: Regal Tel: 020 7408 9500David J Greer, Chairman & CEO Evolution Securities Tel: 020 7071 4300Robert Collins This information is provided by RNS The company news service from the London Stock Exchange