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Additional Information
Market: AIM
Sector: Energy
EPIC: RPT
Latest Price: 22.50p  (1.67% Ascending)
52-week High: 51.75p
52-week Low: 21.00p
Market Cap: 72.14M
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Regal Petroleum
www.regalpetroleum.co.uk

Regal Petroleum's primary assets are two large gas and condensate fields in Ukraine - the Mekhediviska-Golotvschinska (MEX-GOL) field and the Svyrydivske (SV) field located in the prolific Dneipner-Donets basin in the north east of Ukraine. Regal is the operator of the assets and there are currently 5 production wells on the assets. Secondary to this, but still significant, are two large exploration blocks in Romania, the Barlad and Suceava Blocks, where Regal holds a 100% and 50% interest respectively.

Regal Petroleum also has a 25% non-operated joint venture in Egypt with Apache Khalda Corporation LDC, where an exploration well tested positively for oil in September 2007 and was tied in as a producing well in June 2008.

Full Regal Petroleum profile here
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Regal Petroleum confirms it can continue activities in Ukraine

8th Aug 2011, 3:40 pm by Giles Gwinnett The positive news for the firm means it can continue producing gas in the country

Regal Petroleum (LON:RPT) shares were up marginally this afternoon after the firm confirmed that a government order to suspend its activities in Ukraine had been cancelled.

The positive news for the firm means it can continue producing gas in the country.

As previously announced, it has recently re-started production at the Mekhediviska Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields in the north-east of the Ukraine.

Over the last seven days, the average production from there has been 190,322 cubic meters per day of gas and 38 cubic meters per day of condensate (1,427 barrels of oil equivalent per day in total), said the firm.

In May last year, the firm received an order signed by the Minister of Environmental Protection (MEP) to suspend the operations at the Mekhediviska Golotvshinska and Svyrydivske fields because they did not comply with legislation.

But last month, Regal said it had received a written decision from the District Administrative Court of Kiev that ruled that order had been unlawfully issued and ordered it to be cancelled.

This ruling could have been appealed during a ten day period from July 26, but it was not, the company confirmed today, so therefore the order to suspend operations has now been cancelled.

This is a further positive development for Regal in the long-running saga.

As at 3.37pm, the company's shares were trading 1.14 percent higher - at 44.5 pence.

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