| CATEGORY: AIM BULLETIN SECTOR: OIL & GAS PRODUCERS |
Regal cheers progress in Ukraine |
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Tue 19 Feb 2008
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LONDON (SHARECAST) - Regal Petroleum has signed letters of intent with contractors Saipem and Region Ltd for drill rigs to use at its gas and condensate fields, Mekhediviska-Golotvschinska (MEX-GOL) and Svyrydivske (SV), in Ukraine.
AIM listed Regal, which has a 100% working interest in the fields, added that drilling of the MEX-103 well, the first new well on the MEX-GOL field since 2004, is continuing and has reached a depth of approximately 4,150 metres.
The total targeted depth of 5,200 metres is expected to be reached in the middle of 2008.
Regal said the MEX-GOL and SV fields contain audited proven and probable reserves estimated, as at 31 December 2006, at 169 million barrels of oil equivalent.
It has also entered into a Working Group Agreement with NAK Nadra Ukrayny and Chernihivnaftagasgeologia (CNGG), under which the trio have outlined terms for co-operation in connection with the development of MEX-GOL and SV.
“Regal is currently preparing sites and applying for permits for the drilling of additional future wells which are planned for drilling once the additional rigs are available in Ukraine,” a statement read.
“We look forward to finalising all contract terms in a timely manner and to the safe and efficient execution of our field development programme,” said Regal chairman and chief executive David J Greer.
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