LONDON (Alliance News) - Regal Petroleum PLC said its average gas, condensate and liquefied petroleum gas production in the first three months of 2016 came down from highs seen in December, when it opened a new well.
Regal is operating in the Mekhediviska-Golotvshinska and Svyrydivske gas condensate fields in the country, and is the sole owner of both fields.
The company said that average gas, condensate and LPG production from both fields in the first three months of 2016 totalled 173,886 cubic metres per day of gas, 42 cubic metres per day of condensate and 19 cubic metres per day of LPG, equating to 1,435 barrels of oil per day in total.
For the year ended December 31, average gas, condensate and LPG production from both fields was 144,783 cubic metres per day of gas, 44 cubic metres per day of condensate and 21 cubic metres per day of LPG, which is the equivalent of 1,274 barrels of oil per day. However, Regal said the average was up in December, as it commenced production from the SV-6 well.
As such, in December average gas, condensate and LPG production from both fields was 191,098 cubic metres per day of gas, 46 cubic metres per day of condensate and 21 cubic metres per day of LPG, which is the equivalent of 1,574 barrels of oil per day.
Regal also noted that in the three months ended March it bought 2.3 million cubic metres of "wet" gas produced from the adjacent Lutenskuy field, which it treated at its gas processing facilities and produced 1.4 million cubic metres of gas, 364 cubic metres of condensate and 3,057 cubic metres of LPG, which is the equivalent of 24,688 barrels of oil per day.
Wet gas is any gas which contains a small amount of liquid.
Shares in Regal were down 14% at 2.15 pence on Thursday afternoon.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
