TIDMRPT
RNS Number : 6917J
Regal Petroleum PLC
21 August 2019
21 August 2019
Regal Petroleum plc
("Regal" or the "Company")
Reserves & Resources Update
Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas
exploration and production group, is pleased to announce an update
on the Reserves and Contingent and Prospective Resources at its
100% owned and operated Vasyschevskoye ("VAS") gas and condensate
licence in Ukraine.
The Company engaged independent petroleum consultants, DeGolyer
and MacNaughton, to prepare an updated assessment of the remaining
Reserves and Contingent Resources attributable to the VAS field,
and the Prospective Resources attributed to the Vvdenska ("VED")
prospect, located within the VAS licence area, as of 31 December
2018 (the "Report") as set out below. The Report accords with the
March 2007 (as revised in June 2018) SPE/WPC/AAPG/SPEE Petroleum
Resources Management System ("PRMS") standard for classification
and reporting.
The Report estimates the remaining Reserves as at 31 December
2018 in the VAS field as follows:-
Proved Proved + Probable Proved + Probable
(1P) (2P) + Possible (3P)
Gas 9,114 MMscf / 258 15,098 MMscf / 427 18,816 MMscf / 533
MMm(3) MMm(3) MMm(3)
--------------------- --------------------- ---------------------
Condensate 206 Mbbl / 25 Mtonne 346 Mbbl / 42 Mtonne 401 Mbbl / 48 Mtonne
--------------------- --------------------- ---------------------
Total 1.895 MMboe 3.145 MMboe 3.890 MMboe
--------------------- --------------------- ---------------------
The Report estimates the Contingent Resources as at 31 December
2018 in the VAS field as follows:-
Contingent Resources Contingent Resources Contingent Resources
(1C) (2C) (3C)
2,912 MMscf / 83
Gas 0 0 MMm(3)
--------------------- --------------------- ---------------------
Condensate 0 0 74 Mbbl / 9 Mtonne
--------------------- --------------------- ---------------------
The Report estimates the Prospective Resources as at 31 December
2018 in the VED prospect as follows:-
Low (1U) Best (2U) High (3U) Mean
Gas 23,721 MMscf 38,079 MMscf 62,293 MMscf 41,291 MMscf
/ 672 MMm(3) / / 1,764 MMm(3) / 1,169 MMm(3)
1,078 MMm(3)
-------------- -------------- ---------------- ----------------
Note: Under the current PRMS standard, 1U, 2U and 3U denote the
unrisked low, best and high estimates respectively qualifying as
prospective resources.
The VAS licence is located approximately 17 km south-east of
Kharkiv in north-eastern Ukraine and extends over an area of 33.2
km(2). The production licence was granted in August 2012, and has a
duration of 20 years. The gas and condensate resources located
within the licence area are trapped in an anticlinal structure
broken into several faulted blocks, which are gently dipping to the
north, stretching from the north-east to south-west along a main
bounding fault. These resources are located within Carboniferous
sandstones of Bashkirian, Serpukhovian and Visean age at depths of
2,900 - 3,400 metres below the surface.
The Report is consistent with the proposed field development
plan for the VAS field, which comprises continued production from
the existing four wells and the drilling of three additional wells
to recover the 2P and 3P Reserves.
The Report provides an update on the Company's Reserves and
Resources since the previous estimation undertaken by Senergy (GB)
Limited ("Senergy") as at 1 January 2016 (announced on 5 July 2016)
and takes into account data and information gathered since then.
The Report shows a material increase in the Proved (1P) and Proved
+ Probable (2P) categories of remaining Reserves from the 2016
Senergy estimates, which were 0.66 MMboe and 1.8 MMboe
respectively. These increases reflect a higher level of confidence
in the understanding of the subsurface at the field as a result of
the new data obtained since 2016.
Sergii Glazunov, Chief Executive Officer said: "We are very
pleased with the increase in reserves and resources estimated in
this new independent assessment, both in relation to the producing
VAS field and the recognition of the prospectivity of the VED
prospect. It supports our confidence in the potential of the
licence. The Report demonstrates the positive outcomes of the
latest drilling project, derived from the successful implementation
of efficient drilling and operations technologies. We are
continuing with further work to integrate the new 3D seismic data
into our subsurface model, with the aim of developing a
comprehensive understanding of the reservoirs, which will be
utilised in our planned field development programme."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Regal Petroleum plc Tel: 020 3427 3550
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson Tel: 020 7638 9571
Nick Hayns / Elizabeth Kittle
Dmitry Sazonenko, MSc Geology, MSc Petroleum Engineering, Member
of AAPG, SPE and EAGE, Director of the Company, has reviewed and
approved the technical information contained within this press
release in his capacity as a qualified person, as required under
the AIM Rules.
Definitions
AAPG American Association of Petroleum Geologists
bbl barrel
boe one barrel of oil, plus (i) gas converted
to oil equivalent using a conversion rate
of 1,000 cubic metres of gas for 6.5704
barrels of oil equivalent; and (ii) condensate
converted to oil equivalent using a conversion
rate of one metric tonne of condensate for
8.033 barrels of oil equivalent
Gas sales gas (meaning the total quantity of
gas to be produced from the reservoirs,
measured at the point of delivery, after
reduction for field separation, usage, and
other losses)
km kilometre
m(3) cubic metre
Mbbl thousand barrels
MMboe million barrels of oil equivalent
MMm(3) million cubic metres
MMscf million standard cubic feet
Mtonnes thousand tonnes
scf standard cubic feet measured at 20 degrees
Celsius and one atmosphere
SPE Society of Petroleum Engineers
SPEE Society of Petroleum Evaluation Engineers
WPC World Petroleum Council
The SPE/WPC/AAPG/SPEE Petroleum Resources Management System
document, which includes definitions of Reserves and Contingent
Resources categorisations, can be viewed at:-
www.spe.org/industry/reserves.php
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLMMGZRVGFGLZM
(END) Dow Jones Newswires
August 21, 2019 02:00 ET (06:00 GMT)
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Feb 2025 to Mar 2025
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Mar 2024 to Mar 2025
