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Regal Petroleum upbeat on latest reserves report from VAS
21st Aug 2019 15:57
(Sharecast News) - Oil and gas exploration and production company Regal Petroleum updated the market on the reserves and contingent and prospective resources at its wholly-owned and operated Vasyschevskoye (VAS) gas and condensate licence in Ukraine on Wednesday.
The AIM-traded firm said it engaged independent petroleum consultants DeGolyer and MacNaughton to prepare an updated assessment of the remaining reserves and contingent resources attributable to the VAS field, and the prospective resources attributed to the Vvdenska (VED) prospect, located within the VAS licence area, as at 31 December 2018.
It said the report estimated the remaining reserves as at that date in the VAS field were 1.895 million barrels of oil equivalent in the 'proved' category, 3.146 million barrels of oil equivalent in the 'proved and probable' category, and 3.89 million barrels of oil equivalent in the 'proved, probable and possible' category.
The report estimated that contingent resources as at 31 December in the VAS field consisted of nil 1C and 2C contingent resources, with 2.91 billion standard cubic feet of gas and 74 million barrels of oil equivalent of condensate in 3C contingent resources.
The prospective resources as at the end of December in the VED prospect consisted of 23.72 billion standard cubic feet of gas in the 'low' category, 38.08 billion standard cubic feet in the 'best' category, and 62.29 billion standard cubic feet in the 'high' category.
That made for mean prospective resources at the VED prospect of 41.29 billion standard cubic feet of gas.
"We are very pleased with the increase in reserves and resources estimated in this new independent assessment, both in relation to the producing VAS field and the recognition of the prospectivity of the VED prospect," said Regal chief executive officer Sergii Glazunov.
"It supports our confidence in the potential of the licence."
Glazunov said the report demonstrated the positive outcomes of the latest drilling project, derived from the implementation of efficient drilling and operations technologies.
"We are continuing with further work to integrate the new 3D seismic data into our subsurface model, with the aim of developing a comprehensive understanding of the reservoirs, which will be utilised in our planned field development programme."
The AIM-traded firm said it engaged independent petroleum consultants DeGolyer and MacNaughton to prepare an updated assessment of the remaining reserves and contingent resources attributable to the VAS field, and the prospective resources attributed to the Vvdenska (VED) prospect, located within the VAS licence area, as at 31 December 2018.
It said the report estimated the remaining reserves as at that date in the VAS field were 1.895 million barrels of oil equivalent in the 'proved' category, 3.146 million barrels of oil equivalent in the 'proved and probable' category, and 3.89 million barrels of oil equivalent in the 'proved, probable and possible' category.
The report estimated that contingent resources as at 31 December in the VAS field consisted of nil 1C and 2C contingent resources, with 2.91 billion standard cubic feet of gas and 74 million barrels of oil equivalent of condensate in 3C contingent resources.
The prospective resources as at the end of December in the VED prospect consisted of 23.72 billion standard cubic feet of gas in the 'low' category, 38.08 billion standard cubic feet in the 'best' category, and 62.29 billion standard cubic feet in the 'high' category.
That made for mean prospective resources at the VED prospect of 41.29 billion standard cubic feet of gas.
"We are very pleased with the increase in reserves and resources estimated in this new independent assessment, both in relation to the producing VAS field and the recognition of the prospectivity of the VED prospect," said Regal chief executive officer Sergii Glazunov.
"It supports our confidence in the potential of the licence."
Glazunov said the report demonstrated the positive outcomes of the latest drilling project, derived from the implementation of efficient drilling and operations technologies.
"We are continuing with further work to integrate the new 3D seismic data into our subsurface model, with the aim of developing a comprehensive understanding of the reservoirs, which will be utilised in our planned field development programme."