RPT.L Regulatory News (RPT)

27 Feb 2008 15:19

Regal Petroleum PLC27 February 2008 27 February 2008 REGAL PETROLEUM PLC ("Regal" or the "Company") Ukraine Update Regal Petroleum plc (AIM: RPT), the independent oil & gas exploration andproduction company with interests in the Ukraine, Romania and Egypt, is pleasedto announce that it has now entered into the Letter of Intent (referred to inthe announcement dated 19 February 2008) with Saipem S.p.A, the internationaldrilling contractor, under which the parties have outlined terms for theprovision of 2 land rigs and 1 workover rig for use at Regal's gas andcondensate fields, Mekhediviska-Golotvschinska and Svyrydivske ("MEX-GOL" and "SV") (working interest 100%), in Ukraine. The parties are now in negotiation ofthe substantive contractual documentation related to the long term provision ofthese rigs to support the Company's field development plans in Ukraine. Afurther announcement will be made on the conclusion of these negotiations. 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 9571Media enquiries: Martin JacksonAnalyst enquiries: Scott Fulton This information is provided by RNS The company news service from the London Stock Exchange