Regal Petroleum's second quarter production gushes higher

Regal Petroleum reported an increase in second quarter production on Friday, with double digit increases at its Mekhediviska-Golotvshinska (MEX-GOL), Svyrydivske (SV) and Vasyschevskoye (VAS) gas and condensate fields

The Ukraine-focused oil and gas exploration and production firm's overall aggregate barrels of oil equivalent per day figure came in at to 4,073 barrels, for a 44% increase over the same quarter in 2018, as MEX-GOL and SV production increased by 40% to 3,113 barrels.

Meanwhile, average gas production increased by 41% to 521,023 cubic metres per day, while condensate production rose 59% to 97.9 metres a day.

In the second half of the year, the AIM traded company intends to complete drilling and begin production at a new development well, MEX-119, commence drilling a new well in the SV field, and finalise the planning for a further well in the SV field.

Sergii Glazunov, chief executive of Regal, said: "The company is well positioned for further growth, both from organic development of existing fields and potential acquisitions of new prospects. Following the acquisition of additional shares by the company's majority shareholder, Pelidona Services, the company continues to operate as previously, and is pleased by the stated commitment from Pelidona to the continued maintenance of high standards of corporate governance."

Regal Petroleum's shares were down 5.47% at 38.55p at 1126 BST.