Operational Update

RNS Number : 7042J

Regal Petroleum PLC

06 April 2010

 



6 April 2010

Regal Petroleum plc

("Regal" or the "Company")

OPERATIONAL UPDATE

PRODUCTION RISING IN RESPONSE TO SUCCESSFUL WELL INTERVENTION

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces a further update on its operations in Ukraine and Romania.  

UKRAINE

SV-58 WELL - PRODUCTION INCREASED BY 100%

The rate of production from SV-58 has increased by 100% since the level announced on 11 January 2010 as a result of a number of additional well interventions.

The abrasive jet perforation technique, which was trialled in SV-58 in January 2010, has now been successfully completed across all of the remaining B-sand target zones. The jet perforations were subsequently stimulated using other advanced perforating techniques which established a near-wellbore fracture network to further enhance gas deliverability from the reservoirs.  The T and D-sands in this well have not yet been perforated using these advanced techniques.

The highest instantaneous flow rate recorded during the well test from the B-sands was 256,800 m³/d gas and 19.68 m³/d condensate using a 10 mm choke, after the well had been shut-in for a 48 hour period.

The well has now been stabilised and put into production, and as at 1 April 2010, the production rates were 114,320 m³/d gas and 20 m³/d condensate (800 boepd).  This represents an improvement of 100% over the rates previously reported in January 2010.

STATUS OF OTHER WELLS

SV-61 WELL

SV-61 was successfully completed and Rig 5914 was released on 29 March 2010. The well will be tied-in for testing and production once the rig has been removed from the location. Testing is expected to commence in late April/early May 2010.

SV-66 WELL

The well successfully penetrated the B-sand reservoir sequence and the 7" liner was set as planned. Drilling, utilising Rig 5915, is continuing and as at 1 April 2010 was at a depth of 5,789 metres.

SV-69 WELL

The well site has been prepared to accept Rig 5915 for the spud of SV-69 following completion of SV-66.

MEX-106 WELL

The well is being taken off production to allow well intervention activities to be undertaken.

MEX-120 WELL

The well site has been prepared to accept Rig 5914 for rig-up and the spud of MEX-120 is anticipated later this month.

PRODUCTION

The total daily field production rates as at 1 April 2010 were 2,537 boepd (353,744 m³/d of gas and 72.5 m³/d of condensate).

ROMANIA

Regal has completed the acquisition and processing of 104.7 km of 2D seismic in the Barlad exploration concession (Regal 100%) in eastern Romania. The data is of good quality and has allowed a drilling location to be identified to the west of the RBN-4 gas discovery made in December 2007. The remaining work programme commitment on the Barlad concession is one exploration well, which is currently planned for Q3 2010.

For further information, please contact:

Regal Petroleum plc                Tel: [phone] 

David J Greer, CEO

Strand Hanson Limited            Tel: [phone]

Simon Raggett / Rory Murphy

Mirabaud Securities                Tel: [phone]

Peter Krens / Pav Sanghera

Citigate Dewe Rogerson          Tel: [phone]

George Cazenove

Martin Jackson

Ronan McElroy, PhD Geology, SPE, Chief Technologist of Regal Petroleum plc, 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

km                                kilometres

m                                 metres

mm                               millimetres

m³/d                              cubic metres per day

"                                   inch

%                                 per cent

 

END

 

 

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