RPT.L Regulatory News (RPT)

30 Jun 2005 16:19

Regal Petroleum PLC30 June 2005 Immediate Release 30 June 2005 REGAL PETROLEUM PLC ("Regal" or the "Company") Reserves Update The Directors announce an update on the reserves reports being prepared byindependent auditors on the Company's Ukraine and Greece proven and probablereserves. The scope for the reserves reports provided to the independent auditors wasincomplete and consequently further work is underway. The Company has beenadvised by the auditors that it will take approximately six weeks to finalisethese reports. Ahead of the publication of these reports, the Directors are able to provide thefollowing results: Ukraine The Company engaged independent reserve auditors Ryder Scott Company, L.P. ("Ryder Scott") to estimate the remaining reserves of its Ukraine licence areas.The Ukraine licence areas consist of two ages of Lower Carboniferous reservoirs:the Visean ("B reservoirs") and the Tournasian ("T reservoirs"). Ryder Scott has issued a report on the B reservoirs which is summarised asfollows: B Reservoirs Proven Probable Proven + ProbableGas MMcf 430 409 839Condensate MMbbls 12 14 26Total MMboe 88 86 174 The Company believes that this report compares favourably with the previouslyproduced reserves estimate prepared by independent consultants Troy-IkodaLimited ("Troy Ikoda") in 2002. The Troy Ikoda report on the B reservoirs issummarised as follows:B Reservoirs Proven Probable Proven + ProbableGas MMcf 422 298 720Condensate MMbbls 16 21 37Total MMboe 90 74 164 The Company has requested that Ryder Scott extend their scope to report on the Treservoirs and this work is currently underway. The 2002 Troy Ikoda report included the T reservoirs. The combined reserves forthe B & T reservoirs as reported by Troy Ikoda is summarised as follows: B&T Reservoirs Proven Probable Proven + ProbableGas MMcf 422 464 886 MMbbls 16 21 37Total MMboe 90 103 193 It is expected that the final Ryder Scott report including the T reservoirs willtake approximately six weeks to complete. A further announcement will be madein due course. Greece The last independent audit report on the combined reserves for the Prinos,Prinos North and Epsilon fields was carried out by Troy Ikoda and published inJune 2003. The results of this audit are summarised as follows: Prinos and Prinos North Proven Probable Proven + Probableand EpsilonOil MMbbls 11 13 24Total MMbbls 11 13 24 The Company more recently engaged independent reserve auditors McDaniel &Associates Consultants Ltd ("McDaniel's") to re-audit the Prinos and PrinosNorth fields and this work is nearing completion. McDaniel's have now been asked to re-audit the Epsilon field and it is expectedthat the final McDaniel's report including Epsilon will take approximately sixweeks to complete. A further announcement will be made in due course. For further information, please contact: Regal Tel: 020 7408 9500Roger Phillips, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse / Ben Willey Definitions: MMcf Millions of cubic feet MMbbls Millions of barrels MMboe Millions of barrels oil equivalent This information is provided by RNS The company news service from the London Stock Exchange