The Company announces that it has disposed of its interest in Blocks 8 and 9 offshore Liberia, through the disposal, for a nominal consideration, of its wholly owned subsidiary Regal Liberia Limited, to European Hydrocarbons Limited, which holds a 75% interest in such Blocks.  The Production Sharing Contracts in respect of these Blocks, through which the Company held a 25% interest, remained unratified by the Liberian Government and the Company has taken the view that this project does not constitute part of its future area of core interest.

For further information, please contact:

Regal Tel: 020 7408 9500
David J Greer, Chairman & CEO 

Evolution Securities Tel: 020 7071 4300
Robert Collins