Business
Well Update
Well Update.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 6006Y Regal Petroleum PLC 07 September 2009 \n \nRegal Petroleum plc\n('Regal' or the 'Company')\n\n\n\n7th September 2009\n\n\nSpudding of well SV-61, Ukraine\n\n\nRegal, the AIM-listed (RPT) oil and gas exploration and production company with activities in the Ukraine, Romania and Egypt, is pleased to announce the successful spudding of development well SV-61 in Ukraine on 5th September 2009 at 19.30 hrs Ukrainian time.\n\nSV-61 is the third 'new generation' well to be spudded on the Company's Ukrainian licences using the new 2,000 bhp, top-drive, American built rigs that were imported into the country at the end of 2008. The objective is to develop proven reserves in the Carboniferous, Visean Age ('B Sands') reservoir and, as with the first two new-generation wells drilled, MEX-106 and SV-58, to also extend the well deeper into Tournasian Age horizons (the 'T Sands'), also in the Carboniferous, with the aim of appraising further gas potential. It is expected to take approximately six months to drill to the planned target depth ('TD') of approximately 6,000 metres.\n\nThe spudding of SV-61 has been made possible following the release of the rig from MEX-106, which reached TD on 25th July 2009 after 196 days of drilling. The well is currently being prepared for a production test and a separate announcement about the test results will be made in due course. \n\nDavid J Greer, Regal's Chief Executive Officer, said:\n\n'We are all very pleased with the safe manner and speed in which drilling activities are being executed in Ukraine. By combining a number of austerity measures with a successful equity placing, the Company has been able to continue to grow through the current economic recession and to continue to implement its Ukrainian development plan. With production set to increase shortly and plans to spud an additional new well and a new resource update all due over the remainder of 2009, Regal's future outlook looks encouraging.'\n\n\n\nFor further information, please contact:\n\n\n\n\n\nRegal Petroleum plc\n\n\nTel: 020 7408 9500\n\n\n\n\nDavid J Greer, CEO / Robert Wilde, FD\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrand Partners Limited\n\n\nTel: 020 7409 3494\n\n\n\n\nSimon Raggett / Rory Murphy\n\n\n\n\n\n\n\n\n\n\n\n\n...