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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
All RNS Press Releases

RNS Release - Ukraine Operations Update

4th Jan 2012, 2:20 pm
RNS Number : 9960U
Regal Petroleum PLC
04 January 2012
 



 

4 January 2012

 

REGAL PETROLEUM PLC

UKRAINE OPERATIONS UPDATE

 

Regal Petroleum plc ("Regal", the "Company" or the "Group"), the AIM-listed (RPT) oil and gas exploration and production group, is pleased to provide an update on its operations in Ukraine.

 

The Company has finalised its investment programme for 2012 at its Mekhediviska Golotvshinska ("MEX-GOL") and Svyrydivske ("SV") gas and condensate fields in Ukraine in order to continue the development of these fields.  The investment programme includes the drilling of new wells, work-over of existing wells and upgrades to the processing facilities, and it is anticipated that the funding for this programme will be sourced from existing cash and operational revenues.

 

The Company has entered into drilling contracts with local Ukrainian contractors for the drilling of 2 new wells, SV-53 and MEX-105, and preparations for the commencement of drilling are underway.  It is anticipated that SV-53 will be spudded in late February 2012 and MEX-105 will be spudded in mid March 2012.  Each well will target the Visean reservoirs ("B-Sands").  The SV-53 well is scheduled to take 400 days to reach its target depth of 5,450 metres, and the MEX-105 well is scheduled to take 350 days to reach its target depth of 5,250 metres.  It is intended that the Ukrainian drilling rigs will be supplemented by the use of selected western technology and equipment designed to improve drilling operations.

 

The Company is planning the work-over of 3 existing wells with a view to enhancing production performance of these wells, and an upgrade of methanol equipment at 2 existing wells is also planned.

 

The Company's gas treatment facility is to be upgraded to enhance the facility's overall efficiency and incorporate compression equipment, and additional upgrade work will provide for LPG recovery.

 

The Company's Ukrainian gas and condensate production for the month of December 2011 averaged 231,634 m3/d of gas and 49 m3/d of condensate (1,753 boepd in aggregate). 

 

For further information, please contact:

 

Regal Petroleum plc

Tel: 020 3427 3550 

Keith Henry, Chairman


Alexey Timofeyev, Director




Strand Hanson Limited

Tel: 020 7409 3494

Simon Raggett / Rory Murphy

 

 

 

Citigate Dewe Rogerson

Tel: 020 7638 9571

Martin Jackson / Kate Lehane

 

 

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/d                cubic metres per day


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLLFLSLTISIIF

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