RPT.L Regulatory News (RPT)

6 Feb 2008 07:01

Regal Petroleum PLC06 February 2008 For Immediate Release 6 February 2008 REGAL PETROLEUM PLC (the "Company") Grant of Options, Subscription for Shares and Exercise of Options The Company announces that on 5 February 2008 it granted options over ordinaryshares of 5 pence each in the capital of the Company ("Ordinary Shares")pursuant to the Regal Petroleum Share Option Scheme to the following Directors:- Number of Share Options Exercise Price Date/condition from which exercisable David J Greer (i) 1,000,000 (i) £1.50 (i) on the achievement of the First Milestones set out below (ii) 1,000,000 (ii) £1.50 (ii) on the achievement of the (iii) 500,000 (iii) £2.50 Second Milestones set out below (iii) upon the Company's Ordinary Shares trading above £2.50 for 20 consecutive trading days Hendrikus Verkuil (i) 1,000,000 (i) £1.50 (i) on the achievement of the First Milestones set out below (ii) 1,000,000 (ii) £2.00 (ii) on the achievement of the (iii) 500,000 (iii) £2.50 Second Milestones set out below (iii) upon the Company's Ordinary Shares trading above £2.50 for 20 consecutive trading days Antonio Mozetic 350,000 £1.50 4 February 2009 Francesco Scolaro 250,000 £1.50 4 February 2009 Anthony St John 250,000 £1.50 4 February 2009 First Milestones a) Approval and permitting of 6 well locations in the Company's fields inUkraine; b) Establishment of a drilling base in the Company's fields in Ukraine; c) 4 rigs operational in the Company's fields in Ukraine; d) Completion of 1 well workover in the Company's fields in Ukraine; e) Drilling and completion of 2 development wells in the Company's fieldsin Ukraine; f) The publication of 3 independent research analysts reports on theCompany. Second Milestones a) Completion of a new reserves report by an independent reserves auditorshowing an increase upon the Company's current published proved and probablereserves of 169,410 Mboe (as at 31 December 2006); b) Drilling and completion of a further 4 production wells in the Company'sfields in Ukraine; c) The Company's production reaching a stable rate of 3,500 boe/d; d) 6 rigs operational in the Company's fields in Ukraine. The above options represent all share options held by Mr Greer, Mr Verkuil, MrScolaro and Mr Mozetic. Lord St John holds an additional 750,000 share optionsso now has an aggregate of 1,000,000 share options. Under the provisions of theCompany's Share Option Scheme, these options will lapse 10 years after the dateof grant, unless previously lapsed or exercised. The Company also announces that on 5 February 2008 Mr David J Greer, theCompany's Chairman and Chief Executive Officer, has conditionally agreed tosubscribe for 80,000 Ordinary Shares at a price of £1.50 each and Mr FrancescoScolaro, a Non-Executive Director of the Company, has conditionally agreed tosubscribe for 620,000 Ordinary Shares at a price of £1.50 each. In each casesuch subscriptions are as a participant in the Placing announced on 24 January2008 and accordingly are subject to the terms and conditions of the Placing asset out in the announcement dated 24 January 2008 which remains of the magnitudeset out therein. In addition 2,160,000 share options have been exercised by employees and formeremployees of the Company pursuant to the Company's Share Option Schemes atprices ranging from 41.5 pence to 87.5 pence. Application has been made to theLondon Stock Exchange for the admission to trading on AIM of 2,160,000 newOrdinary Shares. These Ordinary Shares, which will rank pari passu in allrespects with the Company's existing Ordinary Shares, have been allottedpursuant to the exercise of the abovementioned share options. Admission isexpected to become effective on 12 February 2008. For further information, please contact: Regal Tel: 020 7408 9500David J Greer, Chairman & CEO Strand Partners Tel: 020 7409 3494Simon Raggett / Rory Murphy Mirabaud Securities Tel: 020 7878 3362Peter Krens / Pav Sanghera Citigate Dewe Rogerson Tel: 020 7638 9571Martin Jackson / Scott Fulton Definitions Mboe thousand barrels of oil equivalent boe/d barrels of oil equivalent per day This information is provided by RNS The company news service from the London Stock Exchange