Regal Petroleum PLC Ukraine Update (4351B)

TIDMRPT

RNS Number : 4351B

Regal Petroleum PLC

04 April 2017

4 April 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 period from 1 January 2017 to 31 March 2017 was 131,025 m(3) /d of gas, 33 m(3) /d of condensate and 17 m(3) /d of LPG (1,100 boepd in aggregate).

Average gas and condensate production from the VAS field for period from 1 January 2017 to 31 March 2017 was 86,890 m(3) /d of gas and 6.7 m(3) /d of condensate (613 boepd in aggregate).

The MEX-109 infill well, located in the MEX-GOL field, has been drilled, to a depth of 4,873metres, and is now being logged, cased and prepared for completion. The well had an original target depth of 5,250 metres but, due to some technical issues, further drilling activities were curtailed once the primary reservoir targets were accessible. The well was spudded in July 2016 and targeted Visean reservoirs ("B-Sands"). It is anticipated that completion operations will be concluded by May 2017, and thereafter well testing will commence. Subject to successful testing, production hook-up will be completed 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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April 04, 2017 02:00 ET (06:00 GMT)