22 May 2020
Regal Petroleum plc
("Regal" or the "Company")
SV-54 Well Results
Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, is pleased to announce the results of the SV-54 well located at its Svyrydivske (SV) gas and condensate field in Ukraine.
The SV-54 well is a development well, primarily targeting production from the B-22 and B-23 reservoirs in the Visean formation. The well was spudded in October 2019 and has been drilled to a final depth of 5,322 metres.
One interval, at a drilled depth of 5,303 - 5,308 metres, within the B-23 reservoirs was perforated, and initial testing was undertaken using a variety of choke sizes. During this testing, strong gas and condensate flows were recorded, and, accordingly, the well had been hooked-up to the gas processing facilities to allow longer-term production testing to be conducted to optimise the operating parameters of the well. Currently, the well is producing at a stabilised flow rate of approximately 2.8 MMscf/d of gas and 40 bbl/d of condensate (565 boepd in aggregate).
Sergii Glazunov, Chief Executive Officer, said: "We are delighted with the results of this new well, which was drilled safely and successfully, and well ahead of schedule. The flow rates demonstrated are excellent and a significant boost to our overall production volumes."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Regal Petroleum plc |
Tel: 020 3427 3550 |
Chris Hopkinson, Chairman |
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Sergii Glazunov, Chief Executive Officer |
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Bruce Burrows, Finance Director |
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Strand Hanson Limited |
Tel: 020 7409 3494 |
Rory Murphy / Richard Tulloch |
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Arden Partners plc |
Tel: 020 7614 5900 |
Ruari McGirr / Dan Gee-Summons (Corporate Finance) |
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Simon Johnson (Corporate Broking) |
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Citigate Dewe Rogerson |
Tel: 020 7638 9571 |
Louise Mason-Rutherford / Elizabeth Kittle |
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Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member of AAPG, SPE and EAGE, Director of 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
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bbl/d |
barrels per day |
boepd |
barrels of oil equivalent per day |
scf |
standard cubic feet measured at 20 degrees Celsius and one atmosphere |
MMscf/d |
million standard cubic feet per day |