RPT.L Regulatory News (RPT)

26 Apr 2007 12:55

Regal Petroleum PLC26 April 2007 Immediate Release 26 April 2007 REGAL PETROLEUM PLC ("Regal" or "the Company") Ukraine Divestment Process The Company is pleased to announce that following a detailed review by TristoneCapital Limited ("Tristone Capital") of strategic options for the Company'sMekhediviska-Golotvschinska ("MEX-GOL") and Svyrydivske ("SV") gas andcondensate fields in Ukraine, Tristone Capital has been retained to furtheradvise on the partial divestment of an interest in these fields. The partial divestment process, which will be managed exclusively by TristoneCapital, is intended to assist with the acceleration of the further developmentof the MEX-GOL and SV gas and condensate fields. It is envisaged that astrategic partner will be sought to take an interest in the region of 50% in theproject, with the possibility that the strategic partner may participate in theoperatorship of the fields. The process for partial divestment will involve a targeted approach in respectof potential partners and this process will commence shortly. The Company would like to stress, however, that the initiation of a partialdivestment process does not imply that any transaction is certain to occur orthat the Company is obliged to accept any offers that may be received. For further information, please contact: Regal Tel: 020 7408 9500 Neil Ritson, Chief Executive OfficerFrank Scolaro, Chairman This information is provided by RNS The company news service from the London Stock Exchange