(Alliance News) - Oil & gas firm Regal Petroleum PLC said Tuesday its Ukraine well was showing "excellent" flow rates following "strong" gas and condensate flows being reported.
In February, the MEX-119 well on the Mekhediviska-Golotvshinska field was spudded and drilled to a depth of 4,822 metres.
This was slightly shallower than its originally planned depth after a perforation as made at a depth between 4,804 and 4,816 metres and initial testing was undertaken.
During this testing, "strong" gas and condensate flows were recorded. Consequently, the well was hooked up to gas processing facilities in order to allow longer-term production testing to be conducted.
Following this, the well is producing a stabilised flow of around 5.0 million standard cubic feel per day of gas and 193 barrels per day of condensate. In aggregate, this is equivalent to 1,070 barrels of oil equivalent per day.
"We are delighted with the results of this new development well, which was drilled safely and successfully," Regal Chief Executive Officer Sergii Glazunov said. "The flow rates demonstrated are excellent and a significant boost to our overall production volumes."
Shares in Regal were 2.1% higher at 35.18 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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