Regal Petroleum meets production targets at Ukraine gas fields

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LONDON (ShareCast) - Regal Petroleum (Other OTC: RGPMF - news) said Thursday it was meeting production targets at its gas and condensate fields in Ukraine as the company continues to benefit from strong gas prices in the country.

The oil and gas exploration company released a positive update on its operational activities at its wholly-owned Mekhediviska-Golotvshinska and Svyrydivske fields.

The company's Ukrainian gas and condensate production for the three months up to the end of December averaged 190,436 m3/d of gas and 44 m3/d of condensate.

The SV-53 well has been completed and undergone initial testing after reaching the target depth of 5,450 metres.

"The drilling rig has been demobilised and operations to hook up the well to the gas processing facility are progressing," the company said in a statement.

Activities are due to be completed within a month followed by production testing.

The MEX-105 well has so far reached a depth of 4,863 metres as drilling continues to meet a depth of 5,250 metres.

Workover operations at the GOL-1 well, designed to prevent water ingress, are underway with the installation of a new packer and production string.

The MEX-3 well remains shut-in and the company is planning further operations to investigate possible methods of curtailing water ingress.

Shares were down 0.69% to 36.00p at 9:56 Thursday.

RD