TIDMRPT
RNS Number : 4143Z
Regal Petroleum PLC
10 January 2020
10 January 2020
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 - Q4 2019
The average daily production of gas, condensate and LPG from the
MEX-GOL, SV and VAS fields for the period from 1 October 2019 to 31
December 2019 was as follows:-
Field Gas Condensate LPG Aggregate
(MMcf/d) (bbl/d) (bbl/d) boepd
Q4 2019 Q4 2018 Q4 2019 Q4 2018 Q4 2019 Q4 2018 Q4 2019 Q4 2018
-------- -------- -------- -------- -------- -------- -------- --------
MEX-GOL
& SV 18.0 14.8 700.7 553.3 308.3 274.1 4,093 3,341
-------- -------- -------- -------- -------- -------- -------- --------
VAS 3.5 3.9 38.1 64.2 - - 683 798
-------- -------- -------- -------- -------- -------- -------- --------
Total 21.5 18.7 738.8 617.5 308.3 274.1 4,776 4,139
-------- -------- -------- -------- -------- -------- -------- --------
Overall production volumes in Q4 2019 increased by approximately
15% compared with Q4 2018, having received a significant boost in
October 2019 from the commencement of production from the MEX-119
well in the MEX-GOL field (see announcement dated 8 October 2019).
However, a decline in production rates from the VAS 10 well
impacted overall production at the VAS field during the quarter,
and work is currently underway to install compression equipment
designed to increase production from this well, with a longer term
plan to undertake a workover of the well to access an alternative
reservoir horizon.
Production - 2019 Year
The average daily production of gas, condensate and LPG from the
MEX-GOL, SV and VAS fields for the year ended 31 December 2019 was
as follows:-
Field Gas Condensate LPG Aggregate
(MMcf/d) (bbl/d) (bbl/d) boepd
2019 2018 2019 2018 2019 2018 2019 2018
----- ----- ------ ------ ------ ------ ------ ------
MEX-GOL
& SV 14.8 12.0 577.8 436.2 274.4 225.0 3,391 2,717
----- ----- ------ ------ ------ ------ ------ ------
VAS 4.4 3.3 61.9 49.9 - - 872 674
----- ----- ------ ------ ------ ------ ------ ------
Total 19.2 15.3 639.7 486.1 274.4 225.0 4,263 3,391
----- ----- ------ ------ ------ ------ ------ ------
Operations
At the MEX-GOL and SV fields, drilling of the SV-54 well is
continuing, with the well having reached a depth of approximately
4,632 metres. The target depth is 5,320 metres and drilling
operations are scheduled to be completed by the end of the second
quarter of 2020, and, subject to successful testing, production
hook-up is anticipated during the third quarter of 2020. The well
is a development well, with its primary targets being the B-22 and
B-23 horizons in the Visean formation. Following hydraulic
fracturing operations on the MEX-120 well, the well was lifted
using coiled tubing, though only modest flows of gas and condensate
have been recovered and the well is now under observation. Planning
continues for a further well in the SV field to be spudded later in
the year.
At the VAS field, interpretation of the 3D seismic data acquired
last year was completed and integrated into the geological model
for the field. Planning is continuing for a new well to explore the
Vvdenska prospect within the VAS licence area.
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 the Company remains
confident that it will ultimately be successful in such legal
proceedings.
Cash Holdings
At 31 December 2019, the Company's cash resources were
approximately $63.0 million, held as to $18.4 million equivalent in
Ukrainian Hryvnia and the balance of $44.6 million equivalent in US
Dollars, Pounds Sterling and Euros.
Sergii Glazunov, Chief Executive Officer, said: "We are pleased
with our progress and achievements made during 2019, with strong
production from our fields, an excellent result from the MEX-119
well in October 2019, a solid financial performance and an upgrade
to the reserve base at the VAS field announced in August 2019. We
look forward to further progressing the development of our fields
in the coming year."
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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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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