Share Options & Subscriptions

Regal Petroleum PLC
06 February 2008


For Immediate Release                                                                                  6 February 2008


                              REGAL PETROLEUM PLC
                                (the 'Company')

                   Grant of Options, Subscription for Shares
                            and Exercise of Options

The Company announces that on 5 February 2008 it granted options over ordinary
shares of 5 pence each in the capital of the Company ('Ordinary Shares')
pursuant to the Regal Petroleum Share Option Scheme to the following Directors:-

                         Number of Share Options       Exercise Price      Date/condition from which exercisable

David J Greer           (i)            1,000,000       (i)     £1.50      (i)              on the achievement of the
                                                                          First Milestones set out below
                        (ii)           1,000,000       (ii)    £1.50      (ii)             on the achievement of the
                        (iii)            500,000       (iii)   £2.50      Second Milestones set out below
                                                                          (iii)           upon the Company's Ordinary
                                                                          Shares trading above £2.50 for 20
                                                                          consecutive trading days

Hendrikus Verkuil       (i)            1,000,000       (i)     £1.50      (i)              on the achievement of the
                                                                          First Milestones set out below
                        (ii)           1,000,000       (ii)    £2.00      (ii)             on the achievement of the
                        (iii)            500,000       (iii)   £2.50      Second Milestones set out below
                                                                          (iii)           upon the Company's Ordinary
                                                                          Shares trading above £2.50 for 20
                                                                          consecutive trading days

Antonio Mozetic                         350,000                £1.50      4 February 2009

Francesco Scolaro                       250,000                £1.50      4 February 2009

Anthony St John                         250,000                £1.50      4 February 2009



First Milestones

a)      Approval and permitting of 6 well locations in the Company's fields in
Ukraine;

b)      Establishment of a drilling base in the Company's fields in Ukraine;

c)      4 rigs operational in the Company's fields in Ukraine;

d)      Completion of 1 well workover in the Company's fields in Ukraine;

e)      Drilling and completion of 2 development wells in the Company's fields
in  Ukraine;

f)        The publication of 3 independent research analysts reports on the
Company.



Second Milestones



a)      Completion of a new reserves report by an independent reserves auditor
showing an increase upon the Company's current published proved and probable
reserves of 169,410 Mboe (as at 31 December 2006);

b)      Drilling and completion of a further 4 production wells in the Company's
fields in Ukraine;

c)      The Company's production reaching a stable rate of 3,500 boe/d;

d)      6 rigs operational in the Company's fields in Ukraine.


The above options represent all share options held by Mr Greer, Mr Verkuil, Mr
Scolaro and Mr Mozetic.  Lord St John holds an additional 750,000 share options
so now has an aggregate of 1,000,000 share options.  Under the provisions of the
Company's Share Option Scheme, these options will lapse 10 years after the date
of grant, unless previously lapsed or exercised.

The Company also announces that on 5 February 2008 Mr David J Greer, the
Company's Chairman and Chief Executive Officer, has conditionally agreed to
subscribe for 80,000 Ordinary Shares at a price of £1.50 each and Mr Francesco
Scolaro, a Non-Executive Director of the Company, has conditionally agreed to
subscribe for 620,000 Ordinary Shares at a price of £1.50 each.  In each case
such subscriptions are as a participant in the Placing announced on 24 January
2008 and accordingly are subject to the terms and conditions of the Placing as
set out in the announcement dated 24 January 2008 which remains of the magnitude
set out therein.

In addition 2,160,000 share options have been exercised by employees and former
employees of the Company pursuant to the Company's Share Option Schemes at
prices ranging from 41.5 pence to 87.5 pence.  Application has been made to the
London Stock Exchange for the admission to trading on AIM of 2,160,000 new
Ordinary Shares.  These Ordinary Shares, which will rank pari passu in all
respects with the Company's existing Ordinary Shares, have been allotted
pursuant to the exercise of the abovementioned share options.  Admission is
expected to become effective on 12 February 2008.


For further information, please contact:

Regal                                                              Tel: [phone]
David J Greer, Chairman & CEO

Strand Partners                                                    Tel: [phone]
Simon Raggett / Rory Murphy

Mirabaud Securities                                                Tel: [phone]
Peter Krens / Pav Sanghera

Citigate Dewe Rogerson                                             Tel: [phone]
Martin Jackson / Scott Fulton



Definitions

Mboe               thousand barrels of oil equivalent

boe/d              barrels of oil equivalent per day


                      This information is provided by RNS
            The company news service from the London Stock Exchange