Regal Ups Resources In Ukraine

Ukraine-focused Regal Petroleum has raised reserves estimates for its Vasyschevskoye gas and condensate field in northeastern Ukraine, following an independent reappraisal.

The field contained 1.90mn boe in proven reserves at the end of last year according to an assessment by DeGolyer & MacNaughton, Regal said in a stock exchange filing on August 21. Probable and possible resources were estimated at 1.25mn boe and 0.74mn boe respectively.

An earlier report placed proven reserves at just 0.6mn boe at the end of 2016, and probable reserves at 1.14mn boe.

CEO Sergii Glazunov said the reassessment supported the Regal’s confidence in the licence’s potential.

“The report demonstrates the positive outcome of the latest drilling project, derived from the successful implementation of efficient drilling and operations technologies,” he said.

Regal’s plans moving forward involve further work integrating newly-acquired 3D seismic data with the company’s subsurface model, which will help guide its upcoming field development programme.

Regal is developing several fields in Ukraine that yielded 3,391 boe/day of mostly gas and condensate last year, up from 2,235 boe/day in 2017. It was able to resume drilling at Vasyschevskoye in March after a court overruled a decision by authorities to revoke its licence for the field.