Regal Petroleum Plc with assets in Ukraine saw a rise of 3.7% in average gas, condensate and LPG production from the Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) fields or by 47 barrels of oil equivalent per day (boepd) in 2016, to 1,321 boepd.
Regal said on the London Stock Exchange on Wednesday that average daily production in 2016 was 157,228 m3/d of gas, 41 m3/d of condensate and 19 m3/d of LPG, while in 2015 it was 144,783 m3/d of gas, 44 m3/d of condensate and 21 m3/d of LPG respectively.
The company recalled that on July 4, 2016, Regal acquired LLC Prom-Energo Product, which owns the Vasyschivske (VAS) gas condensate field, from Vadim Novinsky.
Average gas and condensate production from the VAS field for period from July 4, 2016 to December 31, 2016 was 82,624 m3/d of gas and 6.5 m3/d of condensate (556 boepd in aggregate).
Regal also said that since July 2015, the Group has been purchasing “wet” gas from Natural Resources, the operator of the adjacent Lutsenky field, and treating this gas through the group’s gas processing facilities to strip out and sell the liquids. During 2016, the group purchased 8.262 million m3 of “wet” gas and following treatment of this gas, produced 4,929 million m3 of gas,1,448 m3 of condensate and 11,034 m3 of LPG (87,713 boe in aggregate). This arrangement concluded in December 2016 as a result of Natural Resources constructing its own facilities.
Drilling of the MEX-109 well is continuing and has reached a depth of 4,785 meters as at January 3, 2017. The well was spudded at the end of July 2016 and is targeting the Visean reservoirs (“B-Sands”) in the MEX-GOL field. The well has a target depth of 5,250 meters, with drilling operations scheduled to be completed by March 2017 and, subject to successful testing, production hook-up by the end of the second quarter of 2017.
