9th Jan 2019 09:27
LONDON (Alliance News) - Regal Petroleum PLC on Wednesday reported a 67% increase in average daily gas production from its fields in Ukraine over the year.
In 2018, the oil & gas exploration and production company said that average daily production from the Mekhediviska-Golotvshinska and Svyrydivske fields was 2,717 barrels of oil equivalent per day versus 1,629 boepd a year ago.
In the same period, average daily production from the Vasyschevskoye field was 674 boepd in aggregate, up from 606 boepd last year.
"We are pleased with the excellent progress achieved during 2018, with the continuing growth in our gas, condensate and liquefied petroleum gas production volumes. We look forward to further progressing the development of our gas and condensate fields in the coming year, and are continuing the planning of new wells and work-over projects on existing wells utilising improved drilling and operational technologies," Chief Executive Officer Sergii Glazunov said.
The final quarter of the year saw a boost in the firm's average daily rate of production from all the fields at 4,139 boepd. This compares with 2,803 boepd for the final quarter of 2017, representing an increase of nearly 48%.
At the MEX-GOL field the company is currently preparing for drilling of its MEX-119 well, with spudding scheduled for February.
Shares in the oil & gas exploration and production company were trading down 3.4% at 55.00 pence each on Wednesday.
Related Shares:
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