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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
What does Big Tech's alliance with Trump mean for the US?The alliance between Big Tech and the new US president Trump is causing concern
-
Chancellor set to ‘tweak’ non-dom clampdown amid UK wealth exodusNon-dom status is set to be scrapped but the transition period may be extended to bring more wealth to the UK
