RPT.L Regulatory News (RPT)

1 Sep 2006 16:20

Regal Petroleum PLC01 September 2006 Immediate Release 1 September 2006 REGAL PETROLEUM PLC ("Regal" or "the Company") Joint Venture on the Suceava Concession, Romania with Aurelian Oil & Gas plc Regal is pleased to announce that Regal and Aurelian Oil & Gas plc ("Aurelian")have today entered into a joint venture in respect of Regal's Suceava Concession("Suceava Concession") in the North East of Romania. Regal currently holds a 100% interest in the Suceava Concession and Aurelian hasagreed a farm-in for a 50% interest in the Concession upon Aurelian acquiring aminimum of 150km of new 2D seismic and drilling one exploration well. Aurelianwill be the operator in the conduct of these works and, subject to completion ofsuch works and necessary consents, will be the operator of the concession forthe future. It is planned to undertake the 2D seismic acquisition in the fourthquarter of 2006 with the exploration well planned in 2007. The Suceava Concession is a large exploration, development and production blockin the North East of Romania with an area of 4,103 square kilometres. TheConcession is located on the Moldavan Platform which contains a number ofcommercial gas fields. Aurelian recently listed on AIM and is already active in Romania where it is theoperator of the Brodina Concession which is adjacent to the Suceava Concession.Aurelian is currently progressing the Bilca gas development project on theBrodina Concession which will shortly commence gas production. Regal continues its exploration of the Barlad concession (to the south of theSuceava Concession) where a 2D seismic acquisition programme has now beencompleted and seismic processing is underway. Regal owns a 100% interest in theBarlad Concession. For further information, please contact: Regal Tel: 020 7408 9500Roger Phillips, Finance DirectorFrank Scolaro, Non-executive Director This information is provided by RNS The company news service from the London Stock Exchange