RPT.L Regulatory News (RPT)

3 Oct 2005 07:00

Regal Petroleum PLC03 October 2005 For immediate release 3 October 2005 REGAL PETROLEUM PLC ("the Company") Ukrainian Update The Directors are pleased to announce that the Ministry of Fuel and Energy ofUkraine has issued Order No 492 authorising the commercial production of theCompany's Svyrydivske ("SV") licence in Ukraine. The Company was issued full production licences for the SV field and the MEX/GOLfield in July 2004 and accordance with governmental procedures the Company hasnow received Order No 492 (issued on 29 September 2005) and Order No 115 (issuedon 18 March 2005) from the Ministry of Fuel and Energy of Ukraine ("MFEU")authorising commercial production from all the Company's Ukraine licence areas.The issuing of these orders by MFEU demonstrates the authenticity of theCompany's production licences. Further to the Company's announcement yesterday advising of an intended legalchallenge to the Company's licences in Ukraine, the Directors advise that, asexpected, Chernigivnaftogasgeologia has filed a legal action against theMinistry of Environmental Protection with the Kiev City court. The Company continues to be advised by its legal counsel in Kiev that theCompany was awarded its production licences in accordance with applicable rules,standards and legislation of Ukraine. Commenting on the recent Ukraine development, Rex Gaisford, Chief ExecutiveOfficer said: "I am delighted that the Ukraine Government has effectively confirmed theauthenticity of our production licences in Ukraine. We are confident that thelegal challenge filed by our former joint-venture partner will shortly bedismissed by the courts and we will be able to continue with our plannedinvestment in Ukraine." For further information, please contact: Regal Tel: 020 7408 9500Roger Phillips, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse This information is provided by RNS The company news service from the London Stock Exchange