Regal Petroleum (LON:RPT) said that the SV-53 well on its Svyrydivske gas and condensate field in Ukraine has been spudded and will take 400 days to reach target depth.
The well was spudded on March 28 and a second well - the MEX-105 well - is expected to be started later this month or early May.
This is expected to take 350 days to reach target depth.
News of the drilling of two wells was part of an update about the firm's wholly-owned and operated Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) fields along with production figures for the first quarter of 2012.
Gas and condensate production for the first quarter this year averaged 233,800 cubic meters per day of gas and 49 cubic metres per day of condensate - or a total of 1,769 barrels of oil equivalent per day, the company said.
As part of its 2012 investment programme, Regal also said it had recently completed the first of three work-overs of existing wells designed to enhance production from them.
The SV-66 well is currently on production test following its work-over, while an upgrade of methanol equipment at two existing wells is also planned later this year.
In addition, the firm's gas treatment facility is being upgraded over two phases during this year to enhance the facility's overall efficiency and incorporate compression equipment, and additional upgrade work will provide for LPG recovery, it said.
The investment programme is budgeted to be sourced from existing cash and operational revenues.