3rd Jan 2014 08:40
LONDON (Alliance News) - Regal Petroleum PLC Friday said production levels at its Mekhediviska-Golotvshinska and Svyrydivske gas and condensate fields in Ukraine were reduced by planned shutdowns, whilst exploration wells struggled to achieve positive results.
The oil and gas exploration and production group said gas and condensate production for the period between October 1 and December 31 averaged 162,246 cubic metres per day of gas and 39 cubic metres per day of condensate.
The company said these levels were reduced by shutdowns to the company's gas processing facility while an upgrade, designed to improve the site's overall efficiency and incorporate new equipment, was completed.
Regal Petroleum also said that ongoing work-over operations at its GOL-1 well, which were supposed to eliminate water ingress into the well, were not completely successful. As such it has not been possible to bring the well back into production.
The company said the GOL-1 well is currently being monitored but there are no plans at this point for any further action at the well.
The explorer's MEX-105 well had a stimulation programme which was unsuccessful and a hydraulic fracturing programme is being developed to be carried out during 2014.
The SV-53 well underwent a hydraulic fracturing programme, but only non-commercial gas flows have been observed so far.
However, Regal Petroleum did receive some good news from its SV-59 well, which reached its target depth of 5,470 metres, perforating a number of reservoirs which are currently being tested, it said.
Regal Petroleum shares are quoted at 12.75 pence, down 0.75p or 5.6%.
By Tom McIvor; [email protected]; @TomMcIvor1
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