Regal Petroleum's shares rise on MEX-109 initial testing results

Regal Petroleum's shares are up almost a third as investors responded warmly to initial testing results for the MEX-109 well.

The well, which was in the Mekhediviska-Golotvshinska (MEX-GOL) gas and condensate field in Ukraine and spudded in July last year, was drilled to a depth of 4,873m.

"One interval, at a drilled depth of 4802-4808m, within the B-20 Visean reservoirs (B-sands) was perforated, and short-term initial flow testing was undertaken using a test separator through a 7 mm choke," said AIM-quoted Regal in a statement.

"During this initial testing, the well produced at a rate of approximately 85,000 m3/d of gas and 40 m3/d of condensate (778 boepd in aggregate)," it added.

Regal said it was now now intended to hook up the well to the gas processing facility and thereafter undertake production testing.

At 12:25 BST, shares in Regal Petroleum were up 32.7% to 4.2p each.