Regal Says Test Results Successful at ERB-A-1X in Egypt

Regal has conducted successful well test in the ERB-A-1X well operated by Apache in the East Ras Budran Concession in which Regal holds a 25% working interest. During a 12-hour flow period, the well produced 1,910 bopd through a 64/64" choke. No water was produced and initial indications are that the oil has a gravity of approximately 17 degrees API. The well was lifted with nitrogen delivered to 11,900 feet through coiled tubing and no other stimulation was required.

The ERB-A-1X well is the first of two commitment wells in the initial exploration period of the ERB Concession and was spudded on the 15 June 2007. The well has been drilled to a total depth of 13,615 feet (11,921 feet TVD) to the primary target in the Darat Limestone. The well has a near horizontal trajectory at total depth to ensure optimum production potential from the anticipated reservoir interval.

The ERB-A-1X well has been suspended as a future production well and following detailed evaluation of the test results, additional stimulation and testing may be carried out. The drilling rig will now be moved to the second planned exploration well, ERB-B-1X, which is anticipated to be completed in the fourth quarter of 2007.

An appraisal well, ERB-A-2X, is under consideration and would be drilled immediately following the completion of the ERB-B-1X well. Apache has informed the Company that it plans to submit a Notice of Commercial Discovery to the Egyptian authorities shortly.

Regal's Chief Executive Officer, Neil Ritson, commented: "Although it is too early to assess the reserves potential of the ERB-A-1X field, this is an exciting discovery from our first well in the ERB Concession. We look forward to further results from the planned exploration and appraisal of this Concession which lies onshore in the prolific Gulf of Suez basin."


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