LONDON (Alliance News) - Regal Petroleum PLC Thursday announced positive test results from its SV-59 well and provided an update on its 100% owned Mekhediviska-Golotvshinska and Svyrydivske gas and condensate fields in Ukraine.
The oil and gas exploration and production company said its SV-59 well was drilled to a depth of 5,470 metres and a number of intervals were tested, producing a average rate of roughly 10,500 metres cubed per day of gas and 14 metres cubed of condensate, or 154 barrels of oil equivalent per day, after clean-up.
The company said the well has now been hooked up to its gas processing facility and its performance will be monitored during a production testing programme.
Regal Petroleum noted that its gas and condensate production for the period from Jan 1 to Jan 31 averaged 1,258 barrels of oil equivalent per day.
The company also said it has now began liquefied petroleum gas recovery, following the completion of upgrade work at its gas processing facility and throughout January LPG production rates averaged 81 barrels of oil equivalent per day with an average realised price for the LPG of USD494 per metre cubed.
Regal said its MEX-120 well has been assessed as a suitable candidate for a hydraulic fracturing programme and these operations are scheduled to start during February and March 2014.
Regal Petroleum shares were untraded at 13.00 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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