10th Jan 2020 10:08
(Alliance News) - Regal Petroleum PLC shares rose on Friday as it reported increased production numbers in Ukraine.
Regal Petroleum shares were up 6.2% in London at 23.90 pence each on Friday.
The oil & gas firm said for the three-months to December 31, total aggregated production increased 15% to 4,776 barrels of oil per day from 4,139 barrels of oil per day a year ago.
The company said overall production volumes received "significant" boost in October from the commencement of production from the MEX-119 well in the Mekhediviska-Golotvshinska field.
However, a decline in production rates from VAS 10 well impacted overall production at the Vasyschevskoye field during the quarter. The work is now under way to install compression equipment designed to increase production from the well, the company noted.
The average daily production for 2019 was 4,263 barrels of oil per day compared to 3,391 barrels of oil per day in 2018.
Regal Petroleum said drilling continues at Mekhediviska-Golotvshinska and Svyrydivske fields, with another well planned to be spudded later in the year.
In March 2019, the company had said its production licence at its Vasyschevskoye gas field in had been suspended by the State Service of Geology & Subsoil of Ukraine. The company had issued legal proceedings in the Ukrainian courts over the suspension.
Regal Petroleum said that legal proceedings to challenge the validity of the order are ongoing.
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."
By Loreta Juodagalvyte; [email protected]
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