Regal Petroleum plc increased its average daily production of hydrocarbons in the first quarter of 201905.04.2019
Public British Company Regal Petroleum plc (part of Smart Energy) increased its average daily hydrocarbon production during the first quarter of 2019 by 51.4% in the fields of Poltava region and by 69% in the fields of Kharkiv region, compared with the same period last year.
Smart Energy Group achieved its important strategic objective – 1 million m3 of daily gas production.
As of year-end 2018, Smart Energy Group showed a significant 31% increase in hydrocarbon production. As early as in February 2019, drilling of a new exploration well began in Poltava region. Victor Dudzich, technical director of Smart Energy, will tell us about promising technologies and what helped the company boost its production.
British company Regal Petroleum (a part of Smart Energy Group) started drilling a new extension well No. 119 at Mekhedivsko-Golotovschynske field in Poltava region.Target depth of the well is 4,850 m. The drilling is planned to be completed in the third quarter of this year, whereas production start, providing next successful well testing, - in the fourth quarter.
For 12 months of 2018 Smart Energy Group paid 1.5 bln UAH in taxes, which is twice as much as that of the previous year (850 mln UAH). Herewith, most of the charges are royalty exceeding 700 mln UAH. Out of a total of taxes more than 60 mln UAH were paid to local budgets.
Successful work-over completion contributed to producing additional hydrocarbon production, increasing total gas production upon Smart Energy Group and achieving a historical daily maximum flowrate of 960 K m3/day.
Total aggregate rate of hydrocarbons production from the fields of Regal Petroleum plc in Poltava and Kharkiv regions increased approximately by 48% at the end of 2018 and was 4139 boepd (barrels of oil per day). This compares with an aggregate production rate of 2803 boepd at the end of 2017.