Regal Petroleum (LON:RPT) (LON:RPT) announced today an update on its operations in Ukraine and Romania. The AIM-listed oil and gas exploration and production group currently has 100% of 2 prospects in the Ukraine, 100% interest in the Barlad licence area in north-east Romania, 50% interest in the Suceava licence area in north-east Romania in a joint venture with Aurelian Oil & Gas and 25% interest in the East Ras Budran licence area in the Gulf of Suez, Egypt, in a joint venture with Apache Khalda Corporation.
Regarding the Ukranian prospect SV-58, the rate of production has increased by 100% since the level announced on 11 January 2010 as a result of a number of additional well interventions. The abrasive jet perforation technique, which was trialled in SV-58 in January has now been successfully completed across all of the remaining B-sand target zones, the report said. The jet perforations were subsequently stimulated using other advanced perforating techniques which established a near-wellbore fracture network to further enhance gas deliverability from the reservoirs.
Well SV-61 has also been successfully completed and the company released rig 5914 on 29 March 2010. The well will be tied-in for testing and production once the rig has been removed from the location, the report said. The company expect testing to commence in late April/early May 2010. The SV-69 well has been penetrated the B-sand reservoir sequence and the 7 inch liner was set as anticipated. Drilling, using rig 5915, is currently continuing and as at 1 April 2010 was at a depth of 5,789 metres.
In eastern Romania, Regal who have a 100% working interest, have completed the acquisition and processing of 104.7 km of 2D seismic in the Barlad exploration concession. According to the board, the data is of good quality and has allowed a drilling location to be identified to the west of the RBN-4 gas discovery made in December 2007. A further exploration well is expected to be drilled at the Barland prospect in Q3 2010.
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