29th Oct 2007 16:13
Regal Petroleum PLC29 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 plannedexploration wells, RBN-4, in the Barlad Concession in Romania, where the Companyholds a 100% working interest, has been successfully completed to a total depthof 973 metres. The well has been logged and the presence of gas within threesandstone intervals totalling 11 metres of net reservoir within the prospectiveSarmatian formation has been detected. Additional gas bearing siltstoneintervals of approximately 14 metres have also been identified at a level knownto be productive in the nearby Roman gas field. This well will now be suspended and the Dafora F-100 drilling rig moved to thesecond planned exploration well, RBN-3, which is located approximately 5kilometres to the northwest. The completion and flow testing of RBN-4 will beundertaken with a lighter, lower cost, work-over rig once this equipment hasbeen mobilised, which is anticipated prior to the end of 2007. The RBN-3 well is also planned to evaluate a Sarmatian formation gas prospectand is estimated to take approximately 20 days to drill at a cost ofapproximately US$1.1 million. Neil Ritson, Regal's Chief Executive Officer commented that: "Whilst it is tooearly to quantify the volume of gas that has been discovered and whether acommercial flow rate can be achieved, the results of the well are similar tothose expected and are encouraging." Regal's Chairman, Frank Scolaro, additionally commented that "This Romaniandiscovery further endorses Regal's strategy to realise value from its assets.The Company's recent discoveries in Egypt and Romania create potential forenhanced value through future production revenue and reserves. The Company isnow poised to deliver growth through its varied activities in Egypt, Romania andUkraine." For further information, please contact: Regal Tel: 020 7408 9500 Neil Ritson, Chief Executive OfficerFrank Scolaro, Chairman Evolution Securities Tel: 020 7071 4300Robert Collins Mirabaud Securities Tel: 020 7321 2508Pav Sanghera Buchanan Communications Tel: 020 7466 5000Bobby MorseBen Willey In accordance with the guidelines of the AIM market of the London StockExchange, Neil Ritson BSc (Hons) Geophysics, FGS, Chief Executive Officer ofRegal 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 ExchangeRelated Shares:
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