Completion of the Acquisition

Regal Petroleum PLC
23 October 2003


Immediate Release                                                23 October 2003




                 Regal Petroleum plc ('the Company' or 'Regal')

                         Completion of the Acquisition


Further to the announcement dated 26 September 2003, the Company is today
pleased to announce the successful completion of the acquisition of 86.11 per
cent. Of the issued share capital of Eurotech. As a result of the Acquisition,
the Company indirectly owns 57.69 per cent. Of Kavala.


At the time of the publication of the Circular (as defined below), Regal had
intended to acquire a total of 33,900 Eurotech Shares representing 89.92 per
cent. Of the issued share capital of Eurotech. The terms of the Acquisition have
since been amended to the extent that Regal is no longer acquiring the 5,236
Eurotech Shares held by the Heirs. Accordingly, as disclosed in the Circular
Regal has agreed to acquire all of the Eurotech Shares held by Nikolaos
Loutsigkas, a proposed director of Regal. As a result, following completion of
the Acquisition, Regal holds 86.11 per cent. Of the entire issued capital of
Eurotech with the balance held on behalf of the Heirs. Under the terms of the
revised Acquisition Agreement, the Company does not have any right or option to
acquire the Heirs Shares.


Accordingly, 4,788,200 new Ordinary Shares have been allotted, subject only to
Admission, by the Company in consideration for the Acquisition.


The Placing is now only conditional upon the admission to trading on AIM of an
aggregate of 40,874,867 new Ordinary Shares and the Placing Agreement not being
terminated in accordance with its terms. Admission is expected to become
effective, and dealings in the New Ordinary Shares commence, on 27 October 2003.


Words and expressions used in this announcement shall, unless the context
otherwise requires, bear the same meanings as set out in the circular to
Shareholders dated 26 September 2003 ('Circular') copies of which are available
from the offices of the Company at 49 Albemarle Street, London W1S 4JR.


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