Regal Petroleum meets production targets at Ukraine gas fields

Regal Petroleum said Thursday it was meeting production targets at its gas and condensate fields in Ukraine as the company continues to benefit from strong gas prices in the country.

Regal Petroleum said Thursday it was meeting production targets at its gas and condensate fields in Ukraine as the company continues to benefit from strong gas prices in the country.

The oil and gas exploration company released a positive update on its operational activities at its wholly-owned Mekhediviska-Golotvshinska and Svyrydivske fields.

The company's Ukrainian gas and condensate production for the three months up to the end of December averaged 190,436 m3/d of gas and 44 m3/d of condensate.

The SV-53 well has been completed and undergone initial testing after reaching the target depth of 5,450 metres.

"The drilling rig has been demobilised and operations to hook up the well to the gas processing facility are progressing," the company said in a statement.

Activities are due to be completed within a month followed by production testing.

The MEX-105 well has so far reached a depth of 4,863 metres as drilling continues to meet a depth of 5,250 metres.

Workover operations at the GOL-1 well, designed to prevent water ingress, are underway with the installation of a new packer and production string.

The MEX-3 well remains shut-in and the company is planning further operations to investigate possible methods of curtailing water ingress.

Shares were down 0.69% to 36.00p at 9:56 Thursday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to