VAS-10 Well Initial Testing Results

RNS Number : 7837V

Regal Petroleum PLC

26 July 2018

 

26 July 2018

Regal Petroleum plc

("Regal" or the "Company")

VAS-10 Well Initial Testing Results

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, announces the initial testing results of the VAS-10 well located at its Vasyschevskoye (VAS) gas and condensate field in Ukraine.

The VAS-10 well was spudded in March 2018 and drilled to a depth of 3,380 metres. The well is located to the north-west of the field, at an offset of approximately 1 kilometre from the nearest producing well, and targeted two reservoir zones in the Visean formation: the B-16/17 and the deeper B-25/26. The B-16/17 reservoir is currently the main production horizon in the VAS field.

One interval, at a depth of 3,219 - 3,224 metres within the B-25/26 reservoir, has been perforated, and short-term initial flow testing of this interval was undertaken using a variety of choke sizes. During this initial testing, the well flowed gas but was not able to establish a stabilised flow rate.

The drilling rig has now been released and is being demobilised from the well site. Thereafter, it is intended to hook up the well to the gas processing facility and undertake longer-term production testing of the abovementioned reservoir interval.  Depending on the outcome of such testing, either this interval will be put into production, or alternatively the shallower B-16/17 reservoir will be tested.

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: [phone]
Chris Hopkinson, Chairman Sergii Glazunov, Chief Executive Officer
Strand Hanson Limited	Tel: [phone]
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson	Tel: [phone]
Louise Mason-Rutherford / Elizabeth Kittle

Philip Frank, PhD Geology, Chartered Geologist, FGS, PESGB, 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.

 

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