Regal Petroleum, a UK based oil and gas exploration and production group, has entered into an agreement to sell its 25% non-operated interest in the East Ras Budran Concession in Egypt to Apache East Ras Budran Corp.

The consideration payable under this sale agreement is $1.1m subject to accounting adjustments under the current joint venture between Regal and Apache, which will result in net receipts to Regal of $649,402 at closing of the sale.

Apache now holds a 75% interest in the concession and acts as its operator.

The sale agreement is subject to the Egyptian government approval, which is expected to take some weeks to obtain, Regal said.