27 Jan 2011 07:00
Regal Petroleum plc
("Regal" or the "Company")
27 January 2011
SALE OF INTEREST IN EAST RAS BUDRAN CONCESSION, EGYPT
Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces that it has entered into a conditional sale and purchase agreement with Apache East Ras Budran Corporation LDC ("Apache") in respect of its 25% non-operated interest in the East Ras Budran Concession (the "Concession") in Egypt.
Apache is currently Regal's partner in the Concession, holding the remaining 75% interest and acting as operator of the Concession.
The consideration payable under the sale agreement is US$1,100,000, subject to accounting adjustments under the current joint venture between Regal and Apache, which will result in net receipts to Regal of US$649,402 at closing of the sale. The sale agreement is subject to Egyptian Government approval of the transaction, which is expected to take some weeks to obtain. Closing of the sale will take place immediately after Egyptian Governmental approval is granted.
For further information, please contact:
Regal Petroleum plc Tel: 020 7408 9500
Keith Henry, Chairman
Robert Wilde, Finance Director
Strand Hanson Limited Tel: 020 7409 3494
Simon Raggett / Rory Murphy
Citigate Dewe Rogerson Tel: 020 7638 9571
Martin Jackson / George Cazenove