Regal Petroleum sees decent production as it progresses with drilling

(Sharecast News) - Oil and gas exploration and production group Regal Petroleum updated the market on its operational activities in Ukraine on Thursday, where it operates the Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields.The AIM-traded firm said the average daily production of gas, condensate and LPG from the MEX-GOL and SV fields for the period from 1 January to 31 March was 407,073 cubic metres of gas per day, 87 cubic metres of condensate per day, and 46 cubic metres of LPG per day.That made for 3,283 barrels of oil equivalent per day (boepd) in aggregate, up from 2,169 boepd in the first quarter of 2018.Average daily production of gas and condensate from the VAS field for the same period was 141,094 cubic metres of gas per day and 15 of condensate per day, for 605 boepd in aggregate.At the MEX-GOL field, Regal said drilling of the MEX-119 well was continuing, having reached a depth of around 2,300 metres."The well has a target depth of 4,850 metres, with drilling operations scheduled to be completed by September 2019 and, subject to successful testing, production hook-up during the fourth quarter of 2019," the Regal Petroleum board said in its statement."It is a development well, with its primary target being the B-20 horizon in the Visean formation."At the VAS field, the acquisition of additional 3D seismic to complete the field-wide 3D seismic data set was completed during the period, with the board confirming that data was now being processed and interpreted.Regal Petroleum said it did not have any further information to report in relation to the order for suspension relating to the production licence for the VAS field.As at 31 March, the company's cash resources were approximately $62.5m, held as to $32.3m equivalent in Ukrainian hryvnia and the balance of $30.2m in US dollars, pounds sterling and euros.