Ukraine Update

RNS Number : 1124L

Regal Petroleum PLC

01 July 2014

 



1 July 2014

Regal Petroleum plc

("Regal" or the "Company")

Ukraine Update

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

The Company's activities in Ukraine have been generally unaffected by the geopolitical upheaval that has been taking place in Ukraine during recent months, and the Company has been able to produce and operate normally at the MEX-GOL and SV fields. 

Average gas, condensate and LPG production from such Ukrainian fields for the period from 1 April 2014 to 30 June 2014 averaged 154,658 m³/d of gas, 53 m³/d of condensate and 20 m³/d of LPG (1,387 boepd in aggregate).

Workover operations at the SV-61 well, designed to eliminate water ingress into the well, were undertaken in the last quarter but after equipment failure, the operations were suspended and will be completed in the second half of 2014.

Preparations are continuing for the commencement of the drilling of the MEX-109 well and the hydraulic fracturing of the MEX-120 and MEX-105 wells in the second half of 2014.  In addition, further geophysical studies, aimed at improving the understanding of the sub-surface within the MEX-GOL and SV licences, are continuing.

For further information, please contact:

Regal Petroleum plc	Tel: [phone]
Keith Henry, Chairman Sergei Glazunov, Director
Strand Hanson Limited	Tel: [phone]
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson	Tel: [phone]
Martin Jackson / Shabnam Bashir

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                  liquefied petroleum gas

m³                               cubic metre

m³/d                  cubic metres per day

 

END

 

 

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