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Romanian Operational Update

25 Jun 2010 15:40

RNS Number : 2834O
Regal Petroleum PLC
25 June 2010
 



25 June 2010

 

Regal Petroleum plc

("Regal" or the "Company")

 

ROMANIAN OPERATIONAL UPDATE

 

Regal, the AIM-listed oil and gas exploration and production group (symbol: RPT), announces an update on its Joint Venture exploration project in Romania.

 

Climauti-1 well successfully tests at 76,100 m3/d

 

The Climauti-1 well, drilled in the Suceava Block in Romania, has tested at a stable rate of 76,100 m3/d (475 boepd) on a 12mm choke with a flowing tubing head pressure of 30bar. This rate was achieved over a 36 hour test period with a drawdown of only 3.2 bar from Sarmatian sands at a depth of 456.5 - 463.6m, 7.1m gross, 6.3m net. It is estimated that the gross recoverable gas reserves will be 2bcf over the life of the well and work will start shortly on the installation of a 4km pipeline to the Bilca Gas Plant in the adjacent Brodina block with first gas expected in Q4 2010.

 

Interests in the Suceava Block are Aurelian Oil & Gas (Romania) SRL 50%, Regal Petroleum PLC 50%.

 

For further information, please contact:

 

Regal Petroleum plc Tel: 020 7408 9500

David J Greer, CEO

 

Strand Hanson Limited Tel: 020 7409 3494

Simon Raggett / Rory Murphy

 

Mirabaud Securities Tel: 020 7878 3362

Peter Krens / Pav Sanghera

 

Citigate Dewe Rogerson Tel: 020 7638 9571

Martin Jackson / George Cazenove

 

Ronan McElroy, PhD Geology, SPE, Chief Technologist of Regal Petroleum plc, 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

m3/d cubic metres per day

m metres

bcf billion cubic feet

 

Conversion Factors (SPE):

 

100,000 m3 gas = 624 boe

This information is provided by RNS
The company news service from the London Stock Exchange
 
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