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Regal Petroleum Updates Ukraine Testing Ops

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Regal Petroleum plc announced an update on its operational activities at its 100-percent owned and operated Mekhediviska-Golotvshinska (MEX-GOL) and Svyrydivske (SV) gas and condensate fields in Ukraine.

The Company's Ukrainian gas and condensate production for the period from Jan. 1 to Feb. 28 averaged 224,248 m3/d of gas and 48 m3/d of condensate (1,700 barrels of oil equivalent per day in aggregate). The Company continues to benefit from the relatively strong gas prices in Ukraine.

The SV-53 well was hooked up to the gas processing facility in mid-January 2013, and since then production testing has been ongoing using a variety of choke sizes and operating modes. Although initial flow rates were encouraging, flow rates have declined over the testing period and as yet, stabilized operating performance has not been established. Testing and monitoring is continuing and it is expected that it may be some weeks before a final assessment of the well can be made. At this stage it has not been established whether the declining flow performance is due to mechanical, wellbore or reservoir issues. The well has been hooked up to a compression system and average production over the last 4 days has been 19,183 m3/d of gas and 3 m3/d of condensate (140 barrels of oil equivalent per day in aggregate). This production is from the Visean reservoirs (B-Sands).

The MEX-105 well has been drilled to a depth of 17,152 feet (5,228 meters), and was terminated 72 feet (22 meters) short of its original target depth as all targeted formations, which are B-sands, had been encountered. Open hole logging operations have been undertaken and the well is currently being cased.

The SV-59 well has reached a depth of 2,782 feet (848 meters) and drilling is continuing to the well's target depth of 17,946 feet (5,470 meters). This well is also targeting the B-sands.

The workover operations undertaken on the MEX-3 well and GOL-1 well designed to eliminate the ingress of water, have unfortunately proved unsuccessful in eliminating the water ingress and as a result, it has not been possible to bring these wells back on production. Further well interventions are being considered for these wells.

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