Settlement of Saipem Contract

RNS Number : 1330Y

Regal Petroleum PLC

16 December 2010

 



Regal Petroleum plc

("Regal" or the "Company")

16 December 2010

SETTLEMENT OF SAIPEM CONTRACTS

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), published (pursuant to Rule 2.9 of the City Code on Takeovers and Mergers) an announcement on 10 December 2010, which was released via RNS on 13 December 2010, that it had reached agreement with its drilling rig contractor, Saipem SpA ("Saipem"), concerning various settlements of all liabilities and obligations with Saipem; subject to contract. The Company is pleased to announce that the terms, as detailed in the announcement on 13 December, have now been formally agreed.

For further information, please contact:

Regal Petroleum plc                 Tel: [phone] 

K Henry, Chairman

R Wilde, Finance Director

Strand Hanson Limited             Tel: [phone]

Simon Raggett / Rory Murphy

Citigate Dewe Rogerson            Tel: [phone]

Martin Jackson / George Cazenove

 

END

 

 

MSCEAKAKFDSEFFF