(Alliance News) - Regal Petroleum PLC on Friday said average daily gas production from its Ukrainian gas an condensate fields in its second quarter was significantly ahead of the year before.
Shares in Regal were up 5.5% at 38.55 pence in morning trade.
Average gas production from the Mekhediviska-Golotvshinska, Svyrydivske, and Vasyschevskoye fields in the three months to June 30 was a combined 521,023 cubic metres per day, rising 41% from 368,327 cubic metres a day achieved the year before.
Condensate production from the three fields, which are all operated by Regal, rose 59% to 97.9 metres a day from 61.6 cubic metres a day while daily liquid petroleum gas production climbed 47% to 40.5 cubic metres from 27.5 cubic metres.
Overall, the aggregate barrels of oil equivalent per day figure rose 44% to 4,073 barrels for the second quarter of 2019 from 2,829 barrels the year prior.
Regal plans to finish drilling and testing the MEX-119 well at the Mekhediviska-Golotvshinska field by September end, having drilled around 4,789 metres of the 4,850 metre target depth so far. With successful testing, production hook-up is set for the fourth quarter of 2019.
At Vasyschevskoye, Regal said there is no more information in terms of the order for suspension of the field's production licence. Regal did note that it still expects to win its legal battle against the suspension order.
Regal's cash on June 30 was around USD67.9 million, of which USD28.3 million worth is held in Ukrainian hryvnia and the remaining USD39.6 million is held in a combination of US dollars, pounds sterling, and euros.
Chief Executive Sergii Glazunov said: "The company is well positioned for further growth, both from organic development of existing fields and potential acquisitions of new prospects. Following the acquisition of additional shares by the company's majority shareholder, Pelidona Services Ltd, the company continues to operate as previously, and is pleased by the stated commitment from Pelidona to the continued maintenance of high standards of corporate governance as well as to the long-term growth and development of the company for the benefit of all shareholders."