4th Apr 2019 09:58
LONDON (Alliance News) - Shares in Regal Petroleum PLC rose Thursday after the company reported a rise in the average daily production from its Ukrainian oil fields for the first quarter of 2019.
Shares in the oil and gas company were up 10% at 43.26 pence in morning trade.
For the three months to the end of March, the average production of gas, condensate and liquid petroleum gas from the Mekhediviska-Golotvshinska and Svyrydivske fields was 3,283 barrels of oil equivalent per day in aggregate, up from 2,169 barrels for the same period the year before.
The average production of gas and condensate from the Vasyschevskoye field was 1,023 barrels of oil equivalent per day, up from 605 barrels the prior year.
So far in the Mekhediviska-Golotvshinska field, drilling of the MEX-119 well has continued after reaching a depth of 2,300 metres.
The well has a target depth of 4,850 metres, with drilling operations expected to be completed by September, and production hook-up during the fourth quarter of 2019.
In the Vasyschevskoye field, Regal said it has completed the acquisition of additional 3D seismic data, with the data now being processed.
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