It has signed an HOA with LK Exploration NV to gain the latter’s interest in petroleum E&P blocks in the East Ras Budran area, Egypt.
The deal, however, is still subject to Egyptian government approval. Regal plans to spend around US$4 million during the exploration phase.
In a statement, Regal stated, “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.”
“The property [in question] contains four large prospects identified following the evaluation of existing data. The prospects have the potential for significant oil reserves [and] an independent study will be completed in due course,” added the company.
