Regal Petroleum PLC Ukraine Update (5604M)
09 January 2019 - 6:00PM
UK Regulatory
TIDMRPT
RNS Number : 5604M
Regal Petroleum PLC
09 January 2019
9 January 2019
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.
Operations
The aggregate average daily rate of production from the MEX-GOL,
SV and VAS fields for the final quarter of 2018 was 4,139 boepd.
This compares with an aggregate average daily production rate of
2,803 boepd for the final quarter of 2017, which represents an
increase of nearly 48%.
The average daily production of gas, condensate and LPG from the
MEX-GOL and SV fields for the period from 1 October 2018 to 31
December 2018 was 417,921 m(3) /d of gas, 88 m(3) /d of condensate
and 44 m(3) /d of LPG (3,341 boepd in aggregate) (Q4 2017: 276,089
m(3) /d of gas, 54 m(3) /d of condensate and 30 m(3) /d of LPG
(2,187 boepd in aggregate)).
Average daily production of gas and condensate from the VAS
field for the period from 1 October 2018 to 31 December 2018 was
111,249 m(3) /d of gas and 10.6 m(3) /d of condensate (798 boepd in
aggregate) (Q4 2017: 87,634 m(3) /d of gas and 6.4 m(3) /d of
condensate (616 boepd in aggregate)).
For the year ended 31 December 2018, average daily
production:-
(i) from the MEX-GOL and SV fields was 341,216 m(3) /d
of gas, 70 m(3) /d of condensate and 36 m(3) /d of
LPG (2,717 boepd in aggregate) (2017: 197,961 m(3)
/d of gas, 47 m(3) /d of condensate and 24 m(3) /d
of LPG (1,629 boepd in aggregate)); and
(ii) from the VAS field was 94,752 m(3) /d of gas and 8.2
m(3) /d of condensate (674 boepd in aggregate) (2017:
86,010 m(3) /d of gas and 6.5 m(3) /d of condensate
(606 boepd in aggregate)).
At the MEX-GOL field, preparations are continuing for the
drilling of the MEX-119 well, with spudding of this well scheduled
during February 2019.
At the VAS field, acquisition of additional 3D seismic is
underway, to complete the acquisition of a field-wide 3D seismic
data set, which was partially acquired last winter. Thereafter the
new data will be processed and interpreted.
Cash Holdings
At 31 December 2018, the Company's cash resources were
approximately $53.3 million, held as to $25.3 million equivalent in
Ukrainian Hryvnia and the balance of $28.0 million equivalent in US
Dollars, Pounds Sterling and Euros.
New Legislation
As previously announced, new legislation relating to the oil and
gas sector in Ukraine has been introduced over the last year, and
in this regard, with effect from 1 January 2019, the subsoil tax
rates for condensate will be reduced from 45% to 31% for condensate
produced from deposits above 5,000 metres and from 21% to 16% for
condensate produced from deposits below 5,000 metres.
Sergii Glazunov, Chief Executive Officer said: "We are pleased
with the excellent progress achieved during 2018, with the
continuing growth in our gas, condensate and LPG production
volumes, our improving financial position and the upgrade to the
reserve base at our MEX-GOL and SV fields announced in July 2018.
We look forward to further progressing the development of our gas
and condensate fields in the coming year, and are continuing the
planning of new wells and work-over projects on existing wells
utilising improved drilling and operational technologies."
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
Nick Hayns / Elizabeth Kittle
Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member
of AAPG, SPE and EAGE, 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
m(3) /d cubic metres per day
% per cent
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contact rns@lseg.com or visit www.rns.com.
END
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