Source: Regal Petroleum
Regal Petroleum (AIM:RPT) has entered into a conditional sale and purchase agreement with Apache (NYSE:APA) in respect of its 25% non-operated interest in the East Ras Budran Concession in Egypt.
Apache is currently Regal's partner in the Concession, holding the remaining 75% interest and acting as operator of the Concession.
The consideration payable under the sale agreement is US$1,100,000, subject to accounting adjustments under the current joint venture between Regal and Apache, which will result in net receipts to Regal of US$649,402 at closing of the sale. The sale agreement is subject to Egyptian Government approval of the transaction, which is expected to take some weeks to obtain. Closing of the sale will take place immediately after Egyptian Governmental approval is granted.