Regal Petroleum shares boosted by successful Ukrainian well workover

Oil and gas exploration and production firm Regal Petroleum saw its shares jump on Friday after it announced a successful workover of the SV-12 well in Ukraine.

The AIM-traded firm said the project at its Mekhediviska-Golotvshinska and Svyrydivske gas and condensate fields in Ukraine had seen good gas and condensate flow established through short term initial flow testing, with the well now being hooked up to a gas processing facility.

SV-12 demonstrated flow rates of approximately 125,000 cubic metres per day of gas and 40 tonnes per day of condensate during test periods where a test separator using a 6mm choke was deployed.

After the well is hooked up, further testing will take place in order to optimise its operating parameters.

The well was formerly owned by NJSC Ukrnafta, a Ukrainian partially state-owned oil and gas producer, and was suspended before Regal agreed to perform a workover on the well in exchange for the right to sell the gas and condensate produced under an equal net profit sharing arrangement.

At 1305 BST, Regal Petroleum’s shares were up 8.54% at 20.57p.