Regal Petroleum Update on Ukrainian Gas Project

Regal Petroleum, the UK-listed explorer-producer, has given a New Year update of operations in Ukraine.

In a statement, the company said it expected to reap good results from healthy gas prices in the country.

Ukrainian gas and condensate production for the period from October 1 2012 to December 31 2012 averaged 190,436 cubic metres per day (m3/d) of gas and 44 m3/d of condensate. The company said it continues to benefit from the relatively strong gas prices in Ukraine. Regal's Ukrainian gas and condensate production for last calendar year averaged 201,002 m3/d of gas and 45 m3/d of condensate (1,539 barrels of oil equivalent).

The SV-53 well has reached its target depth of 5,450 metres, been completed and undergone initial testing. The drilling rig has been demobilised and operations to hook up the well to the gas processing facility are progressing. These activities are due to be completed within a month, and production testing will then be undertaken. The MEX-105 well has reached a depth of 4,863 metres and drilling is continuing to the well’s target depth of 5,250 metres.

Workover operations at the GOL-1 well, designed to prevent water ingress, are being undertaken with the installation of a new packer and production string. The MEX-3 well remains shut-in and further operations to investigate possible methods of curtailing water ingress are planned shortly.

See also: Regal Petroleum Finalises Investments on Ukrainian Fields