Ukraine Operations Update

RNS Number : 4125G

Regal Petroleum PLC

06 June 2013

 



6 June 2013

Regal Petroleum plc

("Regal" or the "Company")

Ukraine Operations Update

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, announces an update on its operational activities at its 100% owned and operated Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields in Ukraine.

The Company's Ukrainian gas and condensate production for the period from 1 January 2013 to 4 June 2013 averaged 200,166 m³/d of gas and 44 m³/d of condensate (1,526 boepd in aggregate).  The Company continues to benefit from the relatively strong gas prices in Ukraine. 

The MEX-105 well was drilled to a depth of 5,228 metres, completed and has undergone initial testing.  One interval (5,080 - 5,090 metre depth) in the B-23 Visean reservoir and three intervals (4,722 - 4,727 metre depth, 4,732 - 4,736 metre depth and 4,743 - 4,745 metre depth) in the B-20 Visean reservoir were perforated, but only weak gas flow was recorded.  It is now intended to perform stimulation activities using acid chemicals with the aim of improving flow rates.  The stimulation activities are scheduled to be undertaken within the next month.

Testing and monitoring of the SV-53 well has continued and the well has recently been hooked up to a new compression system.  In the limited period since the new compression system was installed, the well has been producing at a flow rate of approximately 9,000 m³/d of gas (56 boepd).  After review of the well data, a hydraulic fracturing programme has been developed for SV-53, and this programme is currently under consideration.

The SV-59 well has reached a depth of 3,800 metres, and drilling is continuing to the well's target depth of 5,470 metres.  This well is targeting the Visean reservoirs ("B-sands").

Workover operations at the GOL-1 well are planned during July 2013 to isolate the lower Visean reservoirs and thereby prevent water ingress into the well.  It is then planned to perforate the B-20 Visean reservoir, which, if successful, will be brought back onto production.

Installation of equipment for the upgrade of the Company's gas processing facility is continuing, and progress is also being made on additional upgrade work to provide for LPG recovery at the gas processing facility.

For further information, please contact:

Regal Petroleum plc	Tel: [phone]
Keith Henry, Chairman
Alexey Timofeyev, Director
Strand Hanson Limited	Tel: [phone]
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson	Tel: [phone]
Martin Jackson / Jack Rich

Joe Staffurth, BSc Geology, PESGB, AAPG, consultant to the Company, has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

Definitions

boepd               barrels of oil equivalent per day

LPG                  liquified petroleum gas

m³/d                  cubic metres per day

 

END

 

 

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