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14 Nov 2008 11:06
Regal Petroleum plc
("Regal" or the "Company")
14 November 2008
Result of MEX-102 Workover, Ukraine
Regal (AIM; RPT) announces that it has successfully completed the workover of well MEX-102 in Ukraine, which has now been taken back into production. The well was re-entered to access unexploited production from the B23 reservoir. The initial production rate from this well (measured at the production facility) is 198,000 m3/d of gas (7.03 mmscf/d or 1,171 boepd).
David J Greer, CEO, commented:
"We are very pleased with the initial results of the MEX-102 work-over and the associated production increase which is at the upper end of expectations. We now look forward to an additional production increase from our new MEX-103 well due shortly and of course to the commencement of our next phase of development drilling using the two recently arrived new-build modern drilling rigs. With this latest production increase, we are well on track to meet our end year production target."
For further information, please contact:
Regal Petroleum plc Tel: 020 7408 9500
David J Greer, CEO
Strand Partners Tel: 020 7409 3494
Rory Murphy
Mirabaud Securities Tel: 020 7878 3362
Peter Krens / Pav Sanghera
Citigate Dewe Rogerson Tel: 020 7638 9571
Media Enquiries: Martin Jackson
Analyst Enquires: Emma Woollaston
In accordance with the guidelines of the AIM market of the London Stock Exchange, Ronan McElroy, PhD Geology, SPE, Chief Technologist of Regal Petroleum plc, is the qualified person that has reviewed the technical information contained in this press release.
Definitions:
boepd = barrels of oil equivalent per day
mmscf/d = million standard cubic feet per day
m3/d = cubic metres per day
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