Regal Petroleum plc, British public company (a part of Smart Energy Group), announced an updated assessment of reserves at Vasyschyvske gas and condensate field in Kharkiv region. The study estimated considerable increase of 1P and 2P reserves.
Thus, the reserves estimated as of 31 December 2018 are as follows: 1P – 258 mln m3 of gas and 25 thous t of condensate, 2Р - 427 mln m3 of gas and 42 thous t of condensate, 3P – 533 mln m3 of gas and 48 thous t of condensate. In particular, at an average estimation prospective resources of natural gas in the amount of 1.2 bln m3 are attributed to the Vvedenska prospect, which is undrilled as of today.
The assessment of reserves and prospective resources has been conducted by independent international consultants according to PRMS.
The Report meets the targets of Smart Energy Group about the development of Vasyschyvske field including further production from four existing wells as well as drilling of three additional wells for extracting reserves 2P and 3P.
The ground for increasing reserves is attributed to successful results of prospecting and exploration operations during 2017-2018 and drilling of new well No 10 in 2018. The Company succeeded at achieving higher-than-expected result due to implementation of cutting-edge high-performance technologies at this object.
Sergii Glazunov, Chief Executive Officer of Regal Petroleum said: "We are very pleased with the increased reserves and resources estimated in this new independent assessment, both in relation to the producing Vasyschyvske field and the recognition of the prospectivity of the Vvedenska prospect. It supports our confidence in the potential of the license. The Report demonstrates the positive outcomes of the latest drilling project. The Report demonstrates the positive outcomes of the latest drilling project, derived from the successful 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 utilized in our planned drilled development program”.
Previous assessment was performed by Senergy (GB) Limited as of 01 January 2016.
Vasyschyvske field extends over an area 33.2 km2. License for hydrocarbon production has a duration till 2024.
Regal Petroleum plc is a British AIM-quoted public company, operating in Ukraine through the Representative Office of Regal Petroleum Corporation Limited in Poltava region and LLC Prom-Energo Product in Kharkiv region. The companies own special license for production of hydrocarbons and are part of Smart Energy Group.
Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits.
In addition to assets of Regal Petroleum, Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region).