Regal Petroleum PLC Ukraine Update (2609T)
04 January 2017 - 6:00PM
UK Regulatory
TIDMRPT
RNS Number : 2609T
Regal Petroleum PLC
04 January 2017
4 January 2017
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 at its Ukrainian gas and condensate fields,
which comprise the Mekhediviska-Golotvshinska (MEX-GOL) and
Svyrydivske (SV) fields and the Vasyschevskoye (VAS) field, all of
which are 100% owned and operated.
Average gas, condensate and LPG production from the MEX-GOL and
SV fields for the year ended 31 December 2016 was 157,228 m(3) /d
of gas, 41 m(3) /d of condensate and 19 m(3) /d of LPG (1,321 boepd
in aggregate) (2015: 144,783 m(3) /d of gas, 44 m(3) /d of
condensate and 21 m(3) /d of LPG (1,274 boepd in aggregate)).
On 4 July 2016, Regal acquired LLC Prom-Enerho Produkt ("PEP"),
which owns the VAS field. Average gas and condensate production
from the VAS field for period from 4 July 2016 to 31 December 2016
was 82,624 m(3) /d of gas and 6.5 m(3) /d of condensate (556 boepd
in aggregate).
Since July 2015, the Group has been purchasing "wet" gas from
Pryrodni Resursy, the operator of the adjacent Lutsenky field, and
treating this gas through the Group's gas processing facilities to
strip out and sell the liquids. During 2016, the Group purchased
8,262,121 m(3) of "wet" gas and following treatment of this gas,
produced 4,929,386 m(3) of gas,1,448 m(3) of condensate and 11,034
m(3) of LPG (87,713 boe in aggregate). This arrangement concluded
in December 2016 as a result of Pryrodni Resursy constructing its
own facilities.
Drilling of the MEX-109 well is continuing and has reached a
depth of 4,785 metres as at 3 January 2017. The well was spudded at
the end of July 2016 and is targeting the Visean reservoirs
("B-Sands") in the MEX-GOL field. The well has a target depth of
5,250 metres, with drilling operations scheduled to be completed by
March 2017 and, subject to successful testing, production hook-up
by the end of the second quarter of 2017.
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
Keith Henry, Chairman
Sergei Glazunov, Financial
Director
Strand Hanson Limited Tel: 020 7409
3494
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson Tel: 020 7638
9571
Martin Jackson / Shabnam Bashir
Philip Frank, PhD Geology, Chartered Geologist, FGS, PESGB,
consultant to 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
boe barrels of oil equivalent
boepd barrels of oil equivalent
per day
LPG liquefied petroleum
gas
m(3) cubic metres per day
/d
m(3) cubic metres
% per cent
This information is provided by RNS
The company news service from the London Stock Exchange
END
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