Reserves Update

Regal Petroleum PLC
30 June 2005


Immediate Release                                                   30 June 2005


                              REGAL PETROLEUM PLC

                           ('Regal' or the 'Company')


Reserves Update


The Directors announce an update on the reserves reports being prepared by
independent auditors on the Company's Ukraine and Greece proven and probable
reserves.



The scope for the reserves reports provided to the independent auditors was
incomplete and consequently further work is underway.  The Company has been
advised by the auditors that it will take approximately six weeks to finalise
these reports.



Ahead of the publication of these reports, the Directors are able to provide the
following results:



Ukraine

The Company engaged independent reserve auditors Ryder Scott Company, L.P. ('
Ryder Scott') to estimate the remaining reserves of its Ukraine licence areas.
The Ukraine licence areas consist of two ages of Lower Carboniferous reservoirs:
the Visean ('B reservoirs') and the Tournasian ('T reservoirs').



Ryder Scott has issued a report on the B reservoirs which is summarised as
follows:


B Reservoirs                             Proven             Probable       Proven + Probable
Gas                  MMcf                 430                  409                  839
Condensate           MMbbls               12                   14                   26
Total                MMboe                88                   86                   174



The Company believes that this report compares favourably with the previously
produced reserves estimate prepared by independent consultants Troy-Ikoda
Limited ('Troy Ikoda') in 2002.  The Troy Ikoda report on the B reservoirs is
summarised as follows:
B Reservoirs                             Proven             Probable       Proven + Probable
Gas                  MMcf                 422                  298                  720
Condensate           MMbbls               16                   21                   37
Total                MMboe                90                   74                   164



The Company has requested that Ryder Scott extend their scope to report on the T
reservoirs and this work is currently underway.



The 2002 Troy Ikoda report included the T reservoirs.  The combined reserves for
the B & T reservoirs as reported by Troy Ikoda is summarised as follows:


B&T Reservoirs                                Proven             Probable       Proven + Probable
Gas                       MMcf                 422                464                  886
                          MMbbls               16                 21                   37
Total                     MMboe                90                 103                  193



It is expected that the final Ryder Scott report including the T reservoirs will
take approximately six weeks to complete.  A further announcement will be made
in due course.



Greece

The last independent audit report on the combined reserves for the Prinos,
Prinos North and Epsilon fields was carried out by Troy Ikoda and published in
June 2003.  The results of this audit are summarised as follows:


Prinos and Prinos North                       Proven            Probable       Proven + Probable
and Epsilon
Oil                       MMbbls               11                 13                   24
Total                     MMbbls               11                 13                   24



The Company more recently engaged independent reserve auditors McDaniel &
Associates Consultants Ltd ('McDaniel's') to re-audit the Prinos and Prinos
North fields and this work is nearing completion.



McDaniel's have now been asked to re-audit the Epsilon field and it is expected
that the final McDaniel's report including Epsilon will take approximately six
weeks to complete.  A further announcement will be made in due course.



For further information, please contact:


Regal                                                       Tel: [phone]
Roger Phillips, Finance Director

Buchanan Communications                                     Tel: [phone]
Bobby Morse / Ben Willey








Definitions:

MMcf            Millions of cubic feet

MMbbls          Millions of barrels

MMboe           Millions of barrels oil equivalent


                      This information is provided by RNS
            The company news service from the London Stock Exchange