Phillips Steps Down from Regal's Management

Regal Petroleum plc on Tuesday announced the resignation of Roger Phillips as Finance Director. Phillips had been a Director and Chief Financial Officer of Regal since September 2004 and continued to support Regal through a difficult period in its history He steps down as Finance Director with immediate effect and will remain with the Company as Senior Advisor to the Board.

The Company also announced the appointment of Gordon Stein as Chief Financial Officer with effect from 15th January 2007. Stein, aged 47, is a member of the Chartered Institute of Public Finance & Accountancy (CPFA) and member of the UK Institute of Directors. He was previously Head of Finance & Company Secretary with Fairfield Energy Limited, an upstream oil company focused on the North Sea, where he was one of the founders.

Before Fairfield, Stein was a founder and Finance Director of Acorn Oil & Gas Limited from June 2001 to November 2005. He has also held senior financial and operational management positions for BG plc, Centrica plc, Monument Oil & Gas plc and LASMO plc, where he gained experience of working in a variety of countries including Tunisia, Venezuela, Algeria and Turkmenistan, and latterly as Interim CFO of Sierra Leone Diamond Company Limited. In total, Stein has over 17 years' experience in the upstream oil and gas sector in the UK and internationally.

Commenting on the management changes, Neil Ritson, Chief Executive Officer, said:

"I am delighted to be able to announce the appointment of Gordon who has been involved in a significant number of oil and gas transactions, and has built an excellent relationship and reputation with auditors, banks, financial institutions and investors. Gordon has a deep understanding of the oil and gas sector and his experience will bring immediate value to Regal."