Regal Petroleum PLC Ukraine Update (2609T)

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: [phone] 
                                    3550 
 Keith Henry, Chairman 
  Sergei Glazunov, Financial 
  Director 
 
 Strand Hanson Limited             Tel: [phone] 
                                    3494 
 Rory Murphy / Richard Tulloch 
 
 Citigate Dewe Rogerson            Tel: [phone] 
                                    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

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January 04, 2017 02:00 ET (07:00 GMT)