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Regal Petroleum PLC   -  RPT   

Ukraine Update

Released 07:00 10-Oct-2019

RNS Number : 3659P
Regal Petroleum PLC
10 October 2019
 

 

10 October 2019

 

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 in Ukraine, where it operates the Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields.

 

Production

 

The average daily production of gas, condensate and LPG from the MEX-GOL, SV and VAS fields for the period from 1 July 2019 to 30 September 2019 was as follows:-

 

 

Field

Gas

(MMcf/d)

Condensate

(bbl/d)

LPG

(bbl/d)

Aggregate

boepd

 

 

Q3 2019

Q3 2018

Q3 2019

Q3 2018

Q3 2019

Q3 2018

Q3 2019

Q3 2018

 

MEX-GOL & SV

 

13.4

13.8

526.1

504.4

243.8

256.0

3,058

3,116

 

VAS

 

4.2

3.3

49.0

61.0

-

-

831

682

 

Total

 

17.6

17.1

575.1

565.4

243.8

256.0

3,889

3,798

 

 

Operations

 

At the MEX-GOL field, the MEX-119 well was completed, tested and put on production, and is currently producing at approximately 5 MMcf/d of gas and 193 bbl/d of condensate (1,070 boepd in aggregate).  Hydraulic fracturing operations on the MEX-120 well have been performed and the well is now being lifted using coiled tubing. Preparation work is continuing on the SV-54 well, which is due to be spudded later this month, and planning is underway for a further well in the SV field due to be spudded next year.

 

At the VAS field, the processing and interpretations of the 3D seismic data, which was acquired earlier in the year, is nearing completion and planning is underway for a new well.

 

 

VAS Licence Order for Suspension

 

The Company does not have any further information to report in relation to the Order for suspension relating to the production licence for the VAS field since the announcements made on 12 March 2019 and 19 March 2019 respectively, other than to report that the legal proceedings issued in the Ukrainian Courts to challenge the validity of the Order are ongoing, and that the Company remains confident that it will ultimately be successful in such legal proceedings.

 

Cash Holdings

 

At 30 September 2019, the Company's cash resources were approximately $60.2 million, held as to $19.9 million equivalent in Ukrainian Hryvnia and the balance of $40.3 million equivalent in US Dollars, Pounds Sterling and Euros.

 

Sergii Glazunov, Chief Executive Officer, said: "We are pleased to report another good performance during the third quarter of 2019, with the excellent flow rates from the MEX-119 well providing a highlight and a significant boost to our overall production volumes going forward. During the remaining months of the year, we plan to spud the SV-54 well, and continue the planning for further wells in the SV and VAS fields."

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 / Nick Hayns / 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

cf

cubic feet measured at 20 degrees Celsius and one atmosphere

MMcf/d

million cubic feet per day

$

US Dollars

 


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Ukraine Update - RNS