Regal Petroleum PLC Reserves & Resources Update (2354W)
July 31 2018 - 2:01AM
UK Regulatory
TIDMRPT
RNS Number : 2354W
Regal Petroleum PLC
31 July 2018
31 July 2018
REGAL PETROLEUM PLC
("Regal" or the "Company")
Reserves & Resources Update
Regal Petroleum plc, the AIM-quoted (RPT) oil and gas
exploration and production group, is pleased to announce an update
on its hydrocarbon Reserves and Contingent Resources at its 100%
owned and operated Mekhediviska-Golotvshinska ("MEX-GOL") and
Svyrydivske ("SV") gas and condensate fields in Ukraine.
The Company engaged independent petroleum consultants, DeGolyer
and MacNaughton ("D & M"), to prepare an updated assessment of
the remaining Reserves and Contingent Resources attributable to the
Company's MEX-GOL and SV fields as of 31 December 2017 (the
"Report"). The Report is consistent with Regal's current field
development plans, which include the drilling of a further 24
wells, and accords with the March 2007 SPE/WPC/AAPG/SPEE Petroleum
Resources Management System standard for classification and
reporting.
The Report estimates the remaining Reserves as of 31 December
2017 in the MEX-GOL and SV fields as follows:-
Proved Proved + Probable Proved + Probable
(1P) (2P) + Possible (3P)
Gas 121.9 Bscf / 3.5 218.3 Bscf / 6.2 256.5 Bscf / 7.3
Bm(3) Bm(3) Bm(3)
----------------- ------------------ ------------------
Condensate 4.3 MMbbl / 514 7.9 MMbbl / 943 9.2 MMbbl / 110
Mtonne Mtonne Mtonne
----------------- ------------------ ------------------
LPG 2.8 MMbbl / 233 5.0 MMbbl / 418 5.8 MMbbl / 491
Mtonne Mtonne Mtonne
----------------- ------------------ ------------------
Total 27.8 MMboe 50.0 MMboe 58.6 MMboe
----------------- ------------------ ------------------
The Report estimates the Contingent Resources as of 31 December
2017 in the MEX-GOL and SV fields as follows:-
Contingent Resources Contingent Resources Contingent Resources
(1C) (2C) (3C)
Gas 14.7 Bscf / 0.42 38.3 Bscf / 1.08 105.9 Bscf / 3.00
Bm(3) Bm(3) Bm(3)
--------------------- --------------------- ---------------------
Condensate 1.17 MMbbl / 144 2.8 MMbbl / 343 6.6 MMbbl / 812
Mtonne Mtonne Mtonne
--------------------- --------------------- ---------------------
Total 3.8 MMboe 9.6 MMboe 25.3 MMboe
--------------------- --------------------- ---------------------
The MEX-GOL and SV fields contain two main prospective reservoir
intervals: the principal reservoirs in the Carboniferous Visean
("B-sands") and the deeper Carboniferous Tournasian ("T-sands"). In
the Report, the vast majority of Reserves and Resources are
contained in the Visean reservoirs, but D & M has estimated
small volumes of Probable and Possible Reserves and Contingent
Resources in the deeper Tournasian interval.
The Report provides an update on the Company's Reserves and
Resources since the previous Reserves estimation undertaken by ERC
Equipoise Limited ("ERCE") as at 31 December 2013 and takes into
account data and information gathered since then. This data and
information includes the results of the comprehensive re-evaluation
study of the geology, geophysics, petroleum engineering and well
performance of the fields undertaken by P.D.F. Limited over the
last two years and the data obtained from further seismic
reprocessing and the drilling of additional wells in the
fields.
The Report shows a material increase in the Proved (1P) and
Proved + Probable (2P) categories of remaining Reserves from the
ERCE 2013 estimates, which were 1.9 MMboe and 11.7 MMboe
respectively. These increases reflect a higher level of confidence
in the understanding of the subsurface at the fields as a result of
the re-evaluation study and new data obtained since 2013, which has
led to a revision of the development plan for the fields, including
an increase in the number of new wells (from 10 to 24) and an
acceleration of the phasing of these new wells.
Sergii Glazunov, Chief Executive Officer said: "Based on this
independent assessment, a significant volume of remaining Reserves
has been estimated in the MEX-GOL and SV fields. Among other data,
the Report takes into consideration the positive outcomes of the
latest drilling and workover projects, derived from the successful
implementation of efficient drilling and operations technologies.
This, in turn, makes us optimistic about the future prospects for
the fields. In light of this, we are continuing with further work
aimed at providing a comprehensive understanding of our reservoirs,
so as to continue to improve the level of confidence in our field
development programme."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Regal Petroleum plc Tel: 020 3427 3550
Chris Hopkinson, Chairman
Sergii Glazunov, Chief Executive Officer
Strand Hanson Limited Tel: 020 7409 3494
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson Tel: 020 7638 9571
Louise Mason-Rutherford / Elizabeth
Kittle
Philip Frank, PhD Geology, Chartered Geologist, FGS, PESGB,
Director of the Company, has reviewed and approved the technical
information contained within this press release in his capacity as
a qualified person, as required under the AIM Rules.
Definitions
AAPG American Association of Petroleum Geologists
bbl barrel
Bm(3) thousands of millions of cubic metres
boe one barrel of oil, plus (i) gas converted
to oil equivalent using a conversion rate
of 5,661 standard cubic feet of gas for
each barrel of oil equivalent; (ii) condensate
converted to oil equivalent using a conversion
rate of one barrel of condensate for each
barrel of oil equivalent; and (iii) LPG
converted to oil equivalent using a conversion
rate of 1.43 barrels of LPG for each barrel
of oil equivalent
Bscf thousands of millions of standard cubic
feet
Gas sales gas (meaning the total quantity of
gas to be produced from the reservoirs,
measured at the point of delivery, after
reduction for field separation, usage, and
other losses)
LPG liquefied petroleum gas
m(3) cubic metres
Mtonnes thousand tonnes
MMbbl million barrels
MMboe million barrels of oil equivalent
scf standard cubic feet measured at 20 degrees
Celsius and one atmosphere
SPE Society of Petroleum Engineers
SPEE Society of Petroleum Evaluation Engineers
WPC World Petroleum Council
The SPE/WPC/AAPG/SPEE Petroleum Resources Management System
document, which includes definitions of Reserves and Contingent
Resources categorisations, can be viewed at:-
www.spe.org/spe-app/spe/industry/reserves/prms.htm
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDDBGDRSDXBGIG
(END) Dow Jones Newswires
July 31, 2018 02:01 ET (06:01 GMT)
Enwell Energy (LSE:ENW)
Historical Stock Chart
From Apr 2024 to May 2024
Enwell Energy (LSE:ENW)
Historical Stock Chart
From May 2023 to May 2024