Regal Petroleum PLC Ukraine Update (3659P)
October 10 2019 - 1:00AM
UK Regulatory
TIDMRPT
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 Condensate LPG Aggregate
(MMcf/d) (bbl/d) (bbl/d) 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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END
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