RPT.L Regulatory News (RPT)

28 Feb 2005 14:26

Regal Petroleum PLC28 February 2005 Immediate Release 28 February 2005 REGAL PETROLEUM PLC ("the Company") Operational Update The Directors announce the following operational update on the Company: GREECE Kallirachi 2 Well: The Kallirachi-2 appraisal/development well in the GreaterKallirachi Area has been drilled to a depth of 2,970 metres and has intersectedfour large reservoirs. The completion date for the well has been extended due tomechanical issues and difficult drilling conditions below 2,500 metres. The well is being prepared for initial testing, having been cased and cemented,and the prospective zones will shortly be flow tested. Following the initialtesting, it is intended to drill (based on vertical seismic profileinterpretation) to a target depth of 3,300 metres. Further testing ofadditional horizons will be performed once drilling has been completed. ROMANIA Suceava SE-1 Well: The SE-1 exploration well in the Suceava Block has beendrilled to a depth of 2,040 metres. The target depth of the well has beenextended to approximately 2,500 metres (from 2,100 metres) as the thirdobjective reservoir (Ordovician sandstone) is deeper than originallyanticipated. The revised target depth is expected to be reached shortly, atwhich time the well will be logged with complete logging suites and prospectivezones will be flow tested. FURTHER UPDATES Further updates will be provided in due course. For further information, please contact: Regal Tel: 020 7408 9500Frank Timis, Executive ChairmanRoger Phillips, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse / Ben Willey This information is provided by RNS The company news service from the London Stock Exchange