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Ukraine Update

4 Jul 2018 07:00

RNS Number : 5041T
Regal Petroleum PLC
04 July 2018
 

 

4 July 2018

 

 

Regal Petroleum plc

("Regal" or the "Company")

 

Ukraine Update

 

Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas exploration and production group, announces an update of its operational activities in Ukraine, where it operates the Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields.

 

Average daily production of gas, condensate and LPG from the MEX-GOL and SV fields for the period from 1 April 2018 to 30 June 2018 was 281,599 m3/d of gas, 55.4 m3/d of condensate and 27.5 m3/d of LPG (2,220 boepd in aggregate) (Q2 2017: 136,844 m3/d of gas, 38.0 m3/d of condensate and 20.4 m3/d of LPG (1,179 boepd in aggregate)).

 

Average daily production of gas and condensate from the VAS field for the period from 1 April 2018 to 30 June 2018 was 86,728 m3/d of gas and 6.2 m3/d of condensate (609 boepd in aggregate) (Q2 2017: 85,716 m3/d of gas and 6.6 m3/d of condensate (605 boepd in aggregate)).

 

At the VAS field, the VAS-10 well has reached a depth of 3,380 metres, where drilling has been concluded. The well originally had a target depth of 3,450 metres, but was curtailed at 3,380 metres as the target reservoirs in the Visean formation had been encountered at this depth. Logging has been undertaken, and the results are being analysed. Thereafter initial flow testing is planned, and subject to successful testing, it is intended to hook the well up for production testing by the end of the third quarter of 2018. 

 

Also at the VAS field, the acquisition of new 3D seismic has not yet been completed due to some access issues but is planned to be completed by the end of September 2018, and thereafter processing and interpretation will be undertaken in the fourth quarter of 2018.

 

At the MEX-GOL and SV fields, workover operations are underway on the SV-12 well. This well is a suspended well owned by NJSC Ukrnafta, the partially State-owned oil and gas producer, located within the Company's SV licence area. The Company has entered into an agreement with NJSC Ukrnafta under which the Company has agreed to workover the well, and if successful, gas and condensate produced from the well will be sold under an equal net profit sharing arrangement between the Company and NJSC Ukrnafta. The workover operations are scheduled to be completed during the third quarter of 2018.

 

At 30 June 2018, the Company's cash resources were approximately $40.0 million, held as $15.9 million equivalent in Ukrainian Hryvnia and the balance of $24.1 million equivalent in US Dollars and Pounds Sterling.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

 

 

 

 

 

 

 

For further information, please contact:

 

Regal Petroleum plc

Tel: 020 3427 3550

Chris Hopkinson, Chairman

Sergii Glazunov, Chief Executive Officer

Strand Hanson Limited

Tel: 020 7409 3494

Rory Murphy / Richard Tulloch

 

 

 

Citigate Dewe Rogerson

Tel: 020 7638 9571

Louise Mason-Rutherford / Elizabeth Kittle

 

 

 

Philip Frank, PhD Geology, Chartered Geologist, FGS, PESGB, Director of the Company, has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

 

 

Definitions

 

boepd

barrels of oil equivalent per day

LPG

liquefied petroleum gas

m3/d

cubic metres per day

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
DRLSSDFADFASELW
Date   Source Headline
3rd Apr 20122:58 pmRNSUkraine Operations Update
20th Feb 20123:45 pmRNSDirectorate Change
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29th Jun 201110:31 amRNSPosting of Annual Report and AGM Notice
17th Jun 201112:29 pmRNS2010 Results
13th Jun 20114:40 pmRNSSecond Price Monitoring Extn
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8th Jun 20114:14 pmRNSAccounting Reference Date and Ukraine Update
21st Apr 20113:57 pmRNSBoard Change
4th Apr 20117:00 amRNSBoard Appointments
28th Mar 20113:23 pmRNSBoard appointment
28th Mar 201110:57 amRNSHolding(s) in Company
18th Mar 201112:34 pmRNSHolding(s) in Company
18th Mar 201112:18 pmRNSHolding(s) in Company
15th Mar 201111:25 amRNSHolding(s) in Company
14th Mar 20116:11 pmRNSDirector Declaration
4th Mar 20115:56 pmRNSOffer Update
3rd Mar 20117:15 amRNSRelationship Agreement with Energees
3rd Mar 20117:00 amRNSPartial Offer For Regal Wholly Unconditional
2nd Mar 20111:05 pmRNSHolding(s) in Company
24th Feb 20115:47 pmRNSHolding(s) in Company
23rd Feb 20115:31 pmBUSForm 8.3 - Regal Petroleum
22nd Feb 20116:01 pmBUSForm 8.3 - Regal Petroleum
22nd Feb 20112:22 pmBUSForm 8.3 - Regal Petroleum
18th Feb 20115:28 pmBUSForm 8.3 - Regal Petroleum

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