31 Jul 2012 11:48
Regal Petroleum plc
("Regal" or the "Company")
31 July 2012
COMPLETION OF SALE
OF INTEREST IN SUCEAVA CONCESSION, ROMANIA
Further to the announcement released on 31 May 2012, Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces that it has completed the sale of its wholly-owned Romanian subsidiary, Regal Petroleum Romania SRL, which holds a 50% non-operated interest in the Suceava concession in Romania, to Zeta Petroleum Plc ("Zeta").
The consideration payable under the sale agreement was US$650,000, subject to certain adjustments principally relating to the apportionment between Regal and Zeta of joint venture balances relating to the Suceava concession. Following these adjustments, the net amount payable to Regal on completion was approximately US$915,000, which was received today.
For further information, please contact:
Regal Petroleum plc Tel: 020 3427 3550
Keith Henry, Chairman
Strand Hanson Limited Tel: 020 7409 3494
Simon Raggett / Rory Murphy
Citigate Dewe Rogerson Tel: 020 7638 9571
Martin Jackson / Kate Lehane
RPT.L (RPT)