Exploration Block Awarded

Regal Petroleum PLC
03 February 2005


Immediate Release                                               3 February 2005


                              REGAL PETROLEUM PLC

                                   ('Regal')


                      Exploration Blocks Awarded - Liberia


The Directors are pleased to announce that Regal has been successfully awarded
an interest in two exploration blocks in Liberia.


In October 2004 Regal, together with European Hydrocarbons Limited ('EHL'),
(hereafter jointly referred to as the 'Liberia consortium') submitted a bid
application to the National Oil Company of Liberia ('NOCAL') for certain
offshore exploration blocks.  Regal has now been notified that the bid
application was successful and that the Liberia consortium has been awarded two
contiguous exploration concessions (Blocks 8 and 9) for an initial period of
three years, with a right to extend for a further four years.  The application
fee was US$10,000.  In accordance with the terms of the bid application the
Liberia consortium has acquired a licence to a substantial 2D seismic data
package at a cost to the Liberia consortium of US$960,000.


Under the terms of the award the Liberia consortium has seismic work commitments
of US$4.5 million and US$4 million for the two concessions respectively and no
drilling commitments.  Negotiations with NOCAL to finalise the terms for the
production sharing agreement will commence shortly.


Offshore Liberia is one of the last virtually unexplored frontiers of the
prolific West African offshore area.  It is known to have working petroleum
systems, similar to those found in oil producing basins along the West African
margin, and large already identified structural and stratigraphic traps.  With
the application of modern 3D seismic data for exploration, drilling success
rates in West Africa have been high, with several recent discoveries. Acquiring
modern 3D data to evaluate these blocks is the most cost effective way to mature
a portfolio of large prospects for drilling, and to decrease exploration risk
significantly before the commencement of drilling.


Regal and EHL have 25% and 75% interests respectively in the Liberia consortium.
EHL is a privately owned company in which both Regal and Frank Timis,
Executive Chairman, hold beneficial interests.


Frank Timis, Executive Chairman, commented:


'We are very excited with the awarding of this new Liberia interest as it
provides us with further diversity on our existing portfolio and should add
significant upside in the future.  There has been a string of recent discoveries
in West Africa and we hope to share in this success by applying 3D seismic
during the exploration stage.'


3 February 2005


For further information, please contact:

Regal                                             Tel: [phone]
Frank Timis, Executive Chairman
Roger Phillips, Finance Director

Buchanan Communications                           Tel: [phone]
Bobby Morse / Ben Willey


Notes to the Editors:


Regal Petroleum plc is a London based independent oil and gas producer listed on
the Alternative Investment Market of the London Stock Exchange with ambitious
growth plans. Regal is focused on the exploration, development and production of
oil and gas assets in Ukraine, Greece, Romania and Egypt.


In the Ukraine, Regal has a 100% interest in two adjacent licence areas
(Golotovschinska, Mekhediviska and Svyrydivske) in the prolific Dneiper-Donets
basin in 1999. This basin is located in north-east Ukraine and currently
produces 90% of Ukraine's gas and condensate.  Independent reservoir experts
have estimated that Regal's licence areas contain a combined total of 25 billion
cubic metres of proven and probable gas reserves and 5.8 million cubic metres of
proven and probable condensate reserves.


In October 2003 Regal successfully acquired its first interest in Kavala Oil
S.A. ('Kavala') and in January 2005 it announced that it had increased this
interest up to 95%.  Kavala exclusively operates oil, gas and sulphur production
facilities (including an onshore processing plant) in the North Aegean Sea.
Kavala has been granted an exclusive right by the Greek State to undertake
petroleum exploration, exploitation and production operations in the Prinos,
Prinos North, Epsilon and South Kavala fields and the Kallirachi oil discovery.


During 2003 Regal successfully tendered for two large exploration, development
and production concessions, the Suceava Block and the Barlad Block, making Regal
the largest foreign holder of concessions by acreage in Romania.  In January
2005, Regal announced that the Barlad Licence had been formally approved.  Regal
has a 100% interest in the 4,103km2 Suceava Block and the 6,285km2 Barlad Block.
These licence areas are located in north-east Romania in the highly prospective
Moldavia Platform, which contains several large commercial gas and condensate
fields.


In Egypt, Regal has been finally assigned an interest in certain petroleum
exploration and production rights in the East Ras Budran Area, Gulf of Suez,
Egypt.  The concession area is in one of the most prolific petroleum provinces
in the world. Surrounding oil fields nearby include Ras Budran, October, Abu
Rudeis, Belayim Onshore and Belayim Offshore, which range from 270 million
barrels to over 1 billion barrels of recoverable reserves.


The East Ras Budran concession area contains four large prospects identified
following the evaluation of existing data. The prospects have the potential for
significant oil reserves. An independent study will be completed in due course.






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