RPT.L Regulatory News (RPT)

15 Jun 2007 15:01

Regal Petroleum PLC15 June 2007 For Immediate Release 15 June 2007 REGAL PETROLEUM PLC ("Regal" or "the Company") Egyptian Operational Update The Company is pleased to announce that Apache East Ras Budran Corp. LDC ("Apache") as operator of the East Ras Budran Concession (the "Concession") inEgypt has spudded exploration well ERB-A-1X. Regal owns a 25% working interest in the Concession which covers an area of 521square kilometres onshore in the Gulf of Suez. The ERB-A-1X well is one of twowells to be drilled in 2007 as part of the first phase exploration workprogramme agreed with the Egyptian General Petroleum Corporation for theConcession. Since Regal farmed out a 75% working interest and operatorship inthe Concession to Apache in October 2006, Apache has completed the acquisitionof a large aeromagnetic survey and a 3D seismic survey covering approximately100 square kilometres of the Concession. The selection of the location for thesecond exploration well, ERB-B-1X, is presently under consideration usingexisting data and the results of both the 3D seismic and aeromagnetic surveysand is expected to be drilled back-to-back with the present well. Well ERB-A-1X, which is planned to take 80 days to complete, is targeted topenetrate prospective reservoirs in the Thebes Limestone and will be drilled toa target depth of 13,622 feet. For further information, please contact: Regal Tel: 020 7408 9500Frank Scolaro - Non-Executive ChairmanNeil Ritson - Chief Executive Officer Evolution Securities Tel: 020 7071 4300 Nominated Adviser and Joint BrokerRobert Collins Mirabaud Securities Tel: 020 7321 2508 Joint BrokerPav Sanghera In accordance with the guidelines of the AIM market of the London StockExchange, Neil Ritson BSc (Hons) Geophysics, FGS, Chief Executive Officer ofRegal Petroleum plc, is the qualified person that has reviewed the technicalinformation contained in this press release. This information is provided by RNS The company news service from the London Stock Exchange