Regal Petroleum PLC
29 October 2007
Immediate Release 29 October 2007
REGAL PETROLEUM PLC
('Regal' or 'the Company')
Gas Discovery in Romania
Regal is pleased to announce that the drilling of the first of its planned
exploration wells, RBN-4, in the Barlad Concession in Romania, where the Company
holds a 100% working interest, has been successfully completed to a total depth
of 973 metres. The well has been logged and the presence of gas within three
sandstone intervals totalling 11 metres of net reservoir within the prospective
Sarmatian formation has been detected. Additional gas bearing siltstone
intervals of approximately 14 metres have also been identified at a level known
to be productive in the nearby Roman gas field.
This well will now be suspended and the Dafora F-100 drilling rig moved to the
second planned exploration well, RBN-3, which is located approximately 5
kilometres to the northwest. The completion and flow testing of RBN-4 will be
undertaken with a lighter, lower cost, work-over rig once this equipment has
been mobilised, which is anticipated prior to the end of 2007.
The RBN-3 well is also planned to evaluate a Sarmatian formation gas prospect
and is estimated to take approximately 20 days to drill at a cost of
approximately US$1.1 million.
Neil Ritson, Regal's Chief Executive Officer commented that: 'Whilst it is too
early to quantify the volume of gas that has been discovered and whether a
commercial flow rate can be achieved, the results of the well are similar to
those expected and are encouraging.'
Regal's Chairman, Frank Scolaro, additionally commented that 'This Romanian
discovery further endorses Regal's strategy to realise value from its assets.
The Company's recent discoveries in Egypt and Romania create potential for
enhanced value through future production revenue and reserves. The Company is
now poised to deliver growth through its varied activities in Egypt, Romania and
Ukraine.'
For further information, please contact:
Regal Tel: 020 7408 9500
Neil Ritson, Chief Executive Officer
Frank Scolaro, Chairman
Evolution Securities Tel: 020 7071 4300
Robert Collins
Mirabaud Securities Tel: 020 7321 2508
Pav Sanghera
Buchanan Communications Tel: 020 7466 5000
Bobby Morse
Ben Willey
In accordance with the guidelines of the AIM market of the London Stock
Exchange, Neil Ritson BSc (Hons) Geophysics, FGS, Chief Executive Officer of
Regal Petroleum plc, is the qualified person that has reviewed the technical
information contained in this press release.
This information is provided by RNS
The company news service from the London Stock Exchange
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