Regal currently holds a 100% interest in the ERB Concession and Apache Khalda has agreed a farm-in for a 75% interest in the ERB Concession upon Apache Khalda paying approximately $4.85 million representing a proportionate re-imbursement of back costs expended by Regal on this Concession. Regal and Apache Khalda have agreed a future exploration program which includes a 3D seismic survey and the drilling of 2 wells on the Concession with a total program cost in excess of $12 million. Apache Khalda will be the operator of the Concession for the future, subject to Egyptian Government approval of the transaction. Regal and Apache Khalda will fund future activities on the Concession in proportion to their respective interests.
The ERB Concession is an onshore exploration block in the East Ras Budran Area, Western Sinai Peninsula, Gulf of Suez, Egypt with an area of 521 square kilometers. The southern part of the block is a flat semi-desert, the Baba Plain, whilst the north of the block comprises low lying mountains.
Apache Khalda is a subsidiary of US-based Apache Corporation, one of the largest oil and gas operators in Egypt. Apache Corporation, which also operates in the United States, Canada, the United Kingdom sector of the North Sea, Australia and Argentina, is listed on the New York Stock Exchange and NASDAQ with an approximate market capitalization of $20 billion.
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