Thursday, December 13, 2007

Regal Petroleum finds gas in Romania

LONDON (Thomson Financial) - Regal Petroleum PLC said it found gas in the first exploration well it drilled in the Barlad license in Romania.The well, known as RBN-4, flowed up to 3.74 mln standard cubic feet of dry gas per day, said Regal, which holds a 100 pct stake in the project.

'This initial test of the first zone of the RBN-4 well is very encouraging and the flow rates achieved are in excess of those expected,' said David Greer, Regal's chairman and chief executive.Regal said it has spudded the second exploration hole, RBN-3, located 5 kilometres to the northwest of RBN-4. Drilling will take about 20 days at a cost of around 1.1 mln usd.

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