Regal Petroleum PLC SV-54 Well Results (6856N)
22 May 2020 - 4:00PM
UK Regulatory
TIDMRPT
RNS Number : 6856N
Regal Petroleum PLC
22 May 2020
22 May 2020
Regal Petroleum plc
("Regal" or the "Company")
SV-54 Well Results
Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas
exploration and production group, is pleased to announce the
results of the SV-54 well located at its Svyrydivske (SV) gas and
condensate field in Ukraine.
The SV-54 well is a development well, primarily targeting
production from the B-22 and B-23 reservoirs in the Visean
formation. The well was spudded in October 2019 and has been
drilled to a final depth of 5,322 metres.
One interval, at a drilled depth of 5,303 - 5,308 metres, within
the B-23 reservoirs was perforated, and initial testing was
undertaken using a variety of choke sizes. During this testing,
strong gas and condensate flows were recorded, and, accordingly,
the well had been hooked-up to the gas processing facilities to
allow longer-term production testing to be conducted to optimise
the operating parameters of the well. Currently, the well is
producing at a stabilised flow rate of approximately 2.8 MMscf/d of
gas and 40 bbl/d of condensate (565 boepd in aggregate).
Sergii Glazunov, Chief Executive Officer, said: "We are
delighted with the results of this new well, which was drilled
safely and successfully, and well ahead of schedule. The flow rates
demonstrated are excellent and a significant boost to our overall
production volumes."
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
Bruce Burrows, Finance Director
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Richard Tulloch
Arden Partners plc Tel: 020 7614 5900
Ruari McGirr / Dan Gee-Summons (Corporate
Finance)
Simon Johnson (Corporate Broking)
Citigate Dewe Rogerson Tel: 020 7638 9571
Louise Mason-Rutherford / 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
bbl/d barrels per day
boepd barrels of oil equivalent per day
scf standard cubic feet measured at 20 degrees
Celsius and one atmosphere
MMscf/d million standard cubic feet per day
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END
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