Business
Company Update and LTIP Award
Company Update and LTIP Award.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 7260V Regal Petroleum PLC 15 July 2009 \n \n15 July 2009\n\nRegal Petroleum plc\n('Regal' or the 'Company')\n\nCompany Update \nSurrender of Share Options and Grant of New LTIP Awards \n\nRegal, the AIM-listed (RPT) oil and gas exploration and production group operating in Ukraine, Romania and Egypt, is pleased to provide the following operational update and details of new incentivisation arrangements for the Company's directors and key senior employees.\n\nCompany Update\n\nThe drilling of MEX-106 and SV-58 in Ukraine, the first in the Company's series of 'new generation' development wells intended to establish additional production from the proven Visean formation reservoirs ('B-sands') and to appraise and develop the deeper Tournasian formation reservoirs ('T-sands'), remains on schedule with their respective target depths of 5,900 metres and 6,200 metres expected to be reached at the end of July and early September respectively. As at 14 July 2009, MEX-106 had reached a depth of 5,775 metres and SV-58 had reached a depth of 5,153 metres. It is currently anticipated that following completion of drilling, wireline logs will be obtained and initial production testing will be undertaken on both wells during the course of September/October 2009. As a result, the Board of directors (the 'Board') anticipates being able to release preliminary production test results for both wells during the course of September and October.\nAs previously announced, the Company has for some time been evaluating a number of financing and strategic options with potential lenders and commercial or joint venture partners aimed at strengthening its financial position. \n\nFurther to the announcement of 12 June 2009 and the subsequent successful completion of the placing to raise approximately £63.4 million (gross) on 1 July 2009, the Company has now terminated discussions with such potential lenders and strategic partners in relation to possible financing options and joint ventures in respect of its gas and condensate fields in Ukraine or the acquisition of shares in the Company or its subsidiary, Regal Petroleum (Jersey) Limited. As a result, the Company is no longer in a close period for the first time since last year.\n\nIn light of current econ...