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Regal: Acquisition of onshore oil interest in Egypt

Source: www.oilegypt.com 4/6/2004, Location: Egypt

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Regal Petroleum (“Regal”) is pleased to announce that it has signed heads of agreement to acquire, subject to Egyptian government approval, LK Exploration N.V.’s (“LKE”) interest in certain petroleum exploration and production rights in the East Ras Budran Area, Gulf of Suez, Egypt.

The property contains four large prospects identified following the evaluation of existing data. The prospects have the potential for significant oil reserves. An independent study will be completed in due course.

The concession area is in one of the most prolific petroleum provinces in the world. Surrounding oil fields nearby include Ras Budran, October, Abu Rudeis, Belayim Onshore and Belayim Offshore, which range from 270 million barrels to over 1 billion barrels of recoverable reserves.

During the first three years of the concession period, Regal has a commitment to spend $4million during the exploration stage.


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