Ukraine Operations Update

RNS Number : 7464U

Regal Petroleum PLC

03 January 2013

 



3 January 2013

Regal Petroleum plc

("Regal" or the "Company")

Ukraine Operations Update

Regal Petroleum plc (AIM: RPT), the AIM-listed oil and gas exploration and production group, is pleased to announce an update on its operational activities at its 100% owned and operated Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields in Ukraine.

The Company's Ukrainian gas and condensate production for the period from 1 October 2012 to 31 December 2012 averaged 190,436 m³/d of gas and 44 m³/d of condensate (1,467 boepd in aggregate).  The Company continues to benefit from the relatively strong gas prices in Ukraine. 

The Company's Ukrainian gas and condensate production for the year ended 31 December 2012 averaged 201,002 m³/d of gas and 45 m³/d of condensate (1,539 boepd in aggregate). 

The SV-53 well has reached its target depth of 5,450 metres, been completed and undergone initial testing. The drilling rig has been demobilised and operations to hook up the well to the gas processing facility are progressing. These activities are due to be completed within a month, and production testing will then be undertaken.

The MEX-105 well has reached a depth of 4,863 metres and drilling is continuing to the well's target depth of 5,250 metres.

Workover operations at the GOL-1 well, designed to prevent water ingress, are being undertaken with the installation of a new packer and production string.  The MEX-3 well remains shut-in and further operations to investigate possible methods of curtailing water ingress are planned shortly.

For further information, please contact:

Regal Petroleum plc	Tel: [phone]
Keith Henry, Chairman
Alexey Timofeyev, Director
Strand Hanson Limited	Tel: [phone]
Simon Raggett / Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson	Tel: [phone]
Martin Jackson / Jack Rich

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

m³/d                  cubic metres per day

 

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