StockMarketWire.com - Oil company Regal Petroleum said strong gas and condensate flows had been recorded at a well just completed at its Svyrydivske field in Ukraine.

The SV-54 development well was drilled to a final depth of 5,322 metres.

One interval, at a drilled depth of 5,303 - 5,308 metres, within the B-23 reservoirs was perforated, and initial testing was undertaken using a variety of choke sizes.

'During this testing, strong gas and condensate flows were recorded, and, accordingly, the well had been hooked-up to the gas processing facilities to allow longer-term production testing to be conducted to optimise the operating parameters of the well,' Regal said.

Currently, the well was producing at a stabilised flow rate of about 2.8 MMscf/d of gas and 40 bbl/d of condensate.

'We are delighted with the results of this new well, which was drilled safely and successfully, and well ahead of schedule,' chief executive Sergii Glazunov said.

'The flow rates demonstrated are excellent and a significant boost to our overall production volumes.'


At 8:54am: [LON:RPT] Regal Petroleum PLC share price was +0.48p at 15.5p



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