To become the most highly valued and respected mid-tier oil and gas exploration and production company in the London Market.

To transform and continuously enhance the image, reputation and value of the Company by implementing a plan of action to:

• Rationalise and strengthen the Company's asset and resource base.
• Secure additional funding to develop and expand these assets via secondary placement and conventional debt.
• Secure and deploy additional experienced resources to capitalise on regained corporate stability and thereby realise the full potential of the Company's assets.
• Apply state of the art technologies in the planning and execution of all field development activities.
• Enhance the Corporate Governance of the Company by appointing a strong and highly respected Board of Directors.
• Rre-brand the Company image and its beliefs and to enable all staff to realise their full potential by fostering an inclusive, challenging and supportive culture.
• Commit to the principles of sustainable development and to respect and respond to the interests of all key stakeholders.
• Continue to build a company that delivers best in class results, maximum shareholder value and returns.

Regal's assets currently lie in three geographical locations - Ukraine, Romania and Egypt.

The Company's primary assets are two large gas and condensate fields in Ukraine - the Mekhediviska-Golotvschinska (MEX-GOL) field and the Svyrydivske (SV) field located in the prolific Dneipner-Donets basin in the north east of Ukraine. Regal is the operator of the assets and there are currently 5 production wells on the assets.  Average daily production in the year ended 31 December 2007 was 1,157 barrels of oil equivalent per day. The Company is presently implementing a full field development plan including a work-over programme and a significant drilling campaign.  In addition recently acquired seismic data is being studied and a sub-surface model is being developed.

Secondary to this, but still significant, are two large exploration blocks in Romania, the Barlad and Suceava Blocks, where Regal holds a 100% and 50% interest respectively.  Gas was discovered on both license areas in Romania in late 2007 and further exploration and appraisal work is underway.

The Company also has a 25% non-operated joint venture in Egypt with Apache Khalda Corporation LDC, where an exploration well tested positively for oil in September 2007 and was tied in as a producing well in June 2008.

Following the resolution of various legal issues in Ukraine in December 2006 and the transformation of the management team, the Company is focused mainly on developing the Ukrainian gas and condensate interests. A detailed field development plan provides the platform for the business and, following a placing of 56.4 million shares raising US$165 million (gross) in February 2008, the Company is focussed on the development of its fields in Ukraine. In addition contracts have been entered into with a Ukrainian contractor, Region, for the provision of a work-over rig and with Saipem SpA for the provision of two, brand-new, top-drive drilling rigs.

The Company is targeting increased production in Ukraine through its field development plans. In addition Regal is planning to drill into deeper targets with the hope of unlocking potential reserves upside.

The Company is also continuing to explore and appraise its assets in Romania and Egypt.