Regal Petroleum to Acquire LK Exploration's Interest in the East Ras Budran Concession

摘要

The London-based company Regal Petroleum signed a heads of agreement on 6 April for the acquisition of the interest held by LK Exploration in the East Ras Budran exploration and production concession in the Gulf of Suez.The block contains four major prospects that were identified following an evaluation of existing geophysical data.Regal Petroleum is to commission an independent study of the tract at a later date.East Ras Budran is surrounded by producing oilfields,including Ras Budran,October,Abu Rodeis,Belayim Onshore and Belayim Offshore,whose recoverable reserves vary from 270 million barrels to over 1 billion barrels.