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Regal Petroleum shares rise almost 15% after new well spudding
Regal Petroleum's shares shot up over 14% on Wednesday after the company announced the spudding of its VAS-10 well in Ukraine.
The well at the Vasyschevskoye gas and condensate field is fully owned and operated by oil and gas exploration company Regal along with the VAS-1, VAS-3 and VAS-5 wells which produce gas and condensate at the field.
The VAS-10 well has a target depth of 3,450 metres, with drilling schedules to be completed in June and production hook-up expected to follow in the third quarter, subject to successful testing.
Regal owns three licences in Ukraine with the production licence for the VAS field covering an area of 33.2 km² after having been granted in August 2012 for a period of 20 years.
Between 1 October and 31 December, the average daily production of gas and condensate from the field was 87,631 m3/d of gas and 6.4 m3/d of condensate, or 616 boepd in aggregate.
In total, including production figures from the company's MEX-GOL, SV and VAS fields, the company increased its overall production for 2017 to 2,800 boepd from 1,700 boepd in 2016.
As of 1643 GMT, Regal Petroleum's shares were up 14.75% at 21.00p.