StockMarketWire.com - Regal Petroleum upped the proven resource estimate at its Vasyschevskoye gas and condensate licence in Ukraine.

Independent consultants DeGolyer and MacNaughton estimated that proved reserves at 31 December were 1.90m barrels of oil equivalent (boe).

Proved and probable reserves were 3.15m boe, while proved, probable and possible reserves were 3.89m boe.

A previous report in 2016 put proved, and provide plus probable reserves, at 0.66m boe and 1.80m boe, respectively.

Contingent gas resources were estimated at 2,912m standard cubic feet and contingent condensate resources at 74m barrels.

'We are very pleased with the increase in reserves and resources estimated in this new independent assessment,' chief executive Sergii Glazunov said.

'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.'




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