RPT.L Share News (RPT)

(ShareCast News) - Oil and gas exploration and production group Regal Petroleum announced an update of its operational activities at its Ukrainian gas and condensate fields on Wednesday.The AIM-traded company's Ukrainian operations comprise the Mekhediviska-Golotvshinska and Svyrydivske fields and the Vasyschevskoye field, all of which are 100% owned-and-operated.Average gas, condensate and LPG production from the MEX-GOL and SV fields for the year ended 31 December was 157,228 cubic metres per day of gas, 41 cubic metres per day of condensate and 19 cubic metres per day of LPG, for 1,321 barrels of oil equivalent production per day in aggregate.Those figures compared to 144,783 cubic metres of gas, 44 cubic metres of condensate and 21 cubic metres of LPG per day in 2015, for 1,274 barrels of oil equivalent production per day in aggregate.On 4 July, Regal acquired LLC Prom-Enerho Produkt, which owns the VAS field.There, average gas and condensate production for the period from 4 July to 31 December was 82,624 cubic metres of gas and 6.5 cubic metres of condensate per day, for 556 barrels of oil equivalent production per day in aggregate.Since July, the group has also been purchasing so-called 'wet' gas from Pryrodni Resursy, the operator of the adjacent Lutsenky field, and treating it through the group's gas processing facilities to strip out and sell the liquids.During 2016, the group purchased 8,262,121 cubic metres of 'wet' gas and following treatment of this gas, produced 4,929,386 cubic metres of gas,1,448 cubic metres of condensate and 11,034 cubic metres of LPG, for 87,713 barrels of oil equivalent in aggregate.That arrangement ended in December as a result of Pryrodni Resursy constructing its own facilities."Drilling of the MEX-109 well is continuing and has reached a depth of 4,785 metres as at 3 January 2017," Regal's board said."The well was spudded at the end of July 2016 and is targeting the Visean reservoirs in the MEX-GOL field."The well has a target depth of 5,250 metres, with drilling operations scheduled to be completed by March 2017 and, subject to successful testing, production hook-up by the end of the second quarter of 2017."