Regal Petroleum PLC Results of MEX-119 Well (0606P)

TIDMRPT

RNS Number : 0606P

Regal Petroleum PLC

08 October 2019

8 October 2019

Regal Petroleum plc

("Regal" or the "Company")

MEX-119 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 MEX-119 well located at its Mekhediviska-Golotvshinska (MEX-GOL) gas and condensate field in Ukraine.

The MEX-119 well is a development well, targeting production from the B-20 reservoirs in the Visean formation. The well was spudded in February 2019 and drilled to a depth of 4,822 metres, which was slightly shallower than its planned depth, after the targeted horizons were encountered.

One interval, at a drilled depth of 4,804 - 4,816 metres, 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 was 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 5.0 MMscf/d of gas and 193 bbl/d of condensate (1,070 boepd in aggregate).

Sergii Glazunov, Chief Executive Officer, said: "We are delighted with the results of this new development well, which was drilled safely and successfully. 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: [phone] 
 Chris Hopkinson, Chairman 
 Sergei Glazunov, Chief Executive Officer 
 Bruce Burrows, Finance Director 
 
 Strand Hanson Limited                      Tel: [phone] 
 Rory Murphy / Richard Tulloch 
 
 Citigate Dewe Rogerson                     Tel: [phone] 
 Louise Mason-Rutherford / Nick Haynes 
  / 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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October 08, 2019 02:00 ET (06:00 GMT)