RPT.L Regulatory News (RPT)

9 Sep 2005 14:02

Regal Petroleum PLC09 September 2005 Immediate Release 9 September 2005 REGAL PETROLEUM PLC ("Regal" or the "Company") Ukrainian Update The Board of Regal have noted recent speculation in the media with regards to adispute itemised in a letter from the Ukranian Prosecutor-General's Office onthe validity of licences held by Regal Petroleum Corporation Limited, the whollyowned subsidiary of Regal based in the Ukraine. Having received full guidancefrom legal counsel in Ukraine, the speculation has no substance and the licencesowned by Regal remain legal and valid. The letter appears to refer to actual facilities and wells that are currentlydelivering the pilot production from the field which were developed by the jointventure between Regal and Chernihivnaftogasgeology under a previous pilotproduction license and which has been the subject of Court proceedings inUkraine to establish 25% of the value to be ascribed to these physical assets tobe paid to Chernihivnaftogasgeology. This court action was completed and anappropriate sum paid into court by Regal. This ruling on valuation has beenappealed by Chernihivnaftogasgeology and this action by the Prosecutor's officetherefore requires clarification, which is currently being sought. For further information, please contact: Regal Tel: 020 7408 9500Rex Gaisford, Chief ExecutiveRoger Phillips, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse / Ben Willey This information is provided by RNS The company news service from the London Stock Exchange