Business
Romanian Operations Update
Romanian Operations Update.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n Regal Petroleum PLC\n17 October 2007\n\n\nImmediate Release 17 October 2007\n\n REGAL PETROLEUM PLC\n ('Regal' or 'the Company')\n\n Update on Romanian Operations\n\nBarlad Concession\nRegal is pleased to announce the spudding of exploration well RBN-4 in the\nBarlad Concession in which the Company holds a 100% working interest. It is\nplanned that the RBN-4 well, once completed, will be followed by the Company's\nsecond planned exploration well, RBN-3.\n\nThe RBN-4 well is being drilled on a Sarmatian formation gas prospect identified\nby Regal in late 2006 using the 2D seismic data acquired by the Company in 2006\nand is planned to reach a target depth of 1,050 metres. The well will be logged\non completion of drilling and the rig moved to the RBN-3 location approximately\n5 kilometres to the northwest. It is envisaged that the RBN-4 well will take\napproximately 18 days to drill at a cost of approximately US$1.0 million. Any\ntesting of the well, if required, will be deferred until a lower cost well\nworkover unit can be mobilised.\n\nThe RBN-3 well is also planned to test a Sarmatian formation gas prospect and is\nestimated to take approximately 20 days to drill at a cost of approximately\nUS$1.1 million.\n\nThese prospects are supported by seismic amplitudes and have been assessed by\nthe Company as having geological probability of success of approximately 30%.\nThe Company has computed best estimate unrisked undiscovered\ngas-initially-in-place volumes of 30 bcf for the RBN-4 prospect and 61 bcf for\nthe RBN-3 prospect. The proximity of a network of gas pipelines coupled with the\nlow costs of both drilling and gas handling facilities allows small gas\naccumulations to be commercially exploited.\n\nFollowing evaluation of the results from these two Barlad wells, Regal plans to\nextend the Barlad licence into its second exploration period in order to further\ntest Sarmatian prospects and to finalise evaluation of the potential of the\ndeeper oil play within Eocene and pre-Miocene formations in the south of the\nBarlad Concession, within an area known as the Barlad Depression.\n\nSuceava Concession\nIn the adjacent Suceava Concession where Aurelian Oil and Gas plc ('Aurelian')\noperates on behalf of a joint venture between Regal and Aurelian, with each\ncompany holding a 50% working interest, it is anticipated that the Do...