Ukraine Reserves Report

Regal Petroleum PLC
03 October 2005


Immediate Release                                                3 October 2005

                              REGAL PETROLEUM PLC

                           ('Regal' or the 'Company')



                            Ukraine Reserves Report



The Directors are pleased to announce that the reserves report prepared by
independent auditors on the Company's Ukraine proven and probable reserves has
now been issued in final form.



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



The final report has now been issued by Ryder Scott and includes both the B
reservoir and the T reservoir.



Details of the final Ryder Scott report are summarised as follows:


                                      Proven            Probable  Proven + Probable
Gas                  Bcf                 405                 408        813
Condensate           MMbbls               12                  14         26
Total                MMboe                83                  86        169



As announced by the Company on 1 July 2005, the scope initially provided to
Ryder Scott included only the B reservoirs and excluded the T reservoirs.
Subsequently, the reporting scope of Ryder Scott was extended to include the T
reservoirs.



The inclusion of the T reservoirs in the scope has had no effect on the proven
and probable reserves, as Ryder Scott has classified the T reservoirs as
possible reserves rather than proven or probable reserves.  This is due to
limited well-test and production data on which to base a reserves estimate.
Wells to date have concentrated on the shallower B reservoirs. Future drilling,
stimulation and well test operations will seek to move these reserves into
proved and probable as part of an integrated development plan.



The total proven and probable reserves differ marginally from the previously
reported total of 174MMboe due to Ryder Scott more accurately modelling the
development plan around the currently producing wells.



Commenting on the results of the Ukraine reserves report, Rex Gaisford, Chief
Executive Officer said:



'The results of the independent reserves report confirms the quality and
magnitude of the reserves within Regal's Ukraine licence areas.  The Company
remains focussed on carrying out the full field development and production of
its Ukraine assets. The fact that the auditors at the present time were unable
to increase the proven and probable reserves with additions from the T
reservoirs is a function of the relative immaturity of the field appraisal and
development so far carried out during the previous Exploration and Pilot
Production licence phase.  It in no way diminishes the Company's expectations
and enthusiasm for the ultimate size and importance of this asset which it
intends to develop aggressively to the benefit of the Company, the government
and the people of the Ukraine.'



For further information, please contact:


Regal                                                       Tel: [phone]
Roger Phillips, Finance Director

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





Definitions:

Bcf                   Billions 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