10th Oct 2019 10:58
(Alliance News) - Oil & gas firm Regal Petroleum PLC on Thursday reported rise in third-quarter production, but said it is still locked in a stalemate with courts in Ukraine.
Regal Petroleum said total production rose by 2.4% year-on-year to 3,889 barrels of oil equivalent per day in the quarter ended September 30, from 3,798 barrels a year ago. The growth was achieved Regal reporting mixed production results from its fields.
At Mekhediviska-Golotvshinska and Svyrydivske fields, the company saw a 2.9% drop in quarterly gas production to 13.4 million cubic feet per day from 13.8 million recorded last year. There was also a 4.8% year-on-year fall in liquefied petroleum gas produced at the fields, to 243.8 barrels per day from 256.0 barrels.
Gas condensate production increased by 4.3% at the fields however, to 526.1 barrels per day from 504.4 barrels per day.
In Vasyschevskoye, third-quarter gas production rose by 27% year-on-year to 4.2 million cubic feet per day from 3.3 million. Condensate production fell by 20% however to 49.0 barrels per day from 61.0 barrels.
Chief Executive Sergii Glazunov 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 Svyrydivske and Vasyschevskoye fields."
In March, Regal Petroleum's licence at Vasyschevskoye was suspended by the State Service of Geology & Subsoil of Ukraine. Had the company not issued legal proceedings, it would have been forced to cease production at the field within 20 days.
On Thursday, Regal Petroleum reported no progress from its court tussle with the Ukraine government, though it did affirm that it is confident that it will be successful in the legal proceedings.
Shares in the company were 1.6% higher at 34.78 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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