28th Nov 2005 07:02
Regal Petroleum PLC28 November 2005 Immediate Release 28 November 2005 Regal Petroleum Plc ("Regal" or the "Company") Romanian Exploration Well Completed The Directors of Regal announce that the Company's exploration well (RSD-1) inits Suceava licence reached a total depth of 1248 metres but failed to encountercommercial quantities of hydrocarbons. The well is being plugged and abandoned. A comprehensive suite of advanced wireline log data has been acquired and thewell has been completed ahead of time and under budget. Exploration Director Richard Hardman said "The Suceava Block, located on theMoldavia Platform, is a 4,103 square kilometre exploration, development andproduction licence area (equivalent to 20 North Sea blocks). This regioncontains several large commercial gas and condensate fields. Whilst our firstwell, SE-1, flowed gas from relatively thin sands, our second, RSD-1, hasencountered a number of good quality sands". He went on to say "Whilst the result of this exploration well is disappointing,we have acquired a large quantity of high quality and useful technical datawhich is a prerequisite to a proper understanding of the block and the wholeregion. This technical data will be utilised in our continuing explorationprogramme in 2006, including the drilling of further wells. We remain confidentthat this block has the potential to yield commercial reserves". For further information, please contact: Regal Tel: 020 7408 9500Roger Phillips, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse / Ben Willey This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RPT.L