Regal's assets currently lie in three geographical locations - Ukraine, Romania and Egypt.

  • The Company's primary assets are two large gas and condensate fields in Ukraine - the Mekhediviska-Golotvschinska (MEX-GOL) field and the Svyrydivske (SV) field located in the prolific Dneipner-Donets basin in the north east of Ukraine. Regal is the operator of the assets and there are currently 5 production wells on the assets.  Average daily production in the year ended 31 December 2008 was 749 barrels of oil equivalent per day. The Company is presently implementing a field development plan including a work-over programme and a significant drilling campaign.  In addition 3D seismic data has been acquired and interpreted and a sub-surface model is being developed.
  • Secondary to this, but still significant, are two large exploration blocks in Romania, the Barlad and Suceava Blocks, where Regal holds a 100% and 50% interest respectively.  Gas was discovered on both license areas in Romania in late 2007 and further exploration and appraisal work is underway.
  • The Company also has a 25% non-operated joint venture in Egypt with Apache Khalda Corporation LDC, where an exploration well tested positively for oil in September 2007 and has been tied in as a producing well.

Strategy

  • Following the resolution of various legal issues in Ukraine in December 2006 and the transformation of the management team, the Company is focused mainly on developing the Ukrainian gas and condensate interests. A detailed field development plan provides the platform for the business and, following equity fundraisings totally approximately US$310 million (gross) in 2008 and 2009, the Company is focussed on the development of its fields in Ukraine. In addition two brand new top-drive drilling rigs, contracted from Saipem S.p.A, have been imported into Ukraine and now undertaking the Company's development drilling programme.

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