The aggregate rate of production from the fields of Regal Petroleum plc (part of Smart Energy Group) at the end of 2017 was approximately 2,800 boepd. This compares with an aggregate production rate of approximately 1,700 boepd at the end of 2016, which represents an increase of nearly 65% over the year. It is noted in the official release of the company for London Stock Exchange.
For the year ended 31 December 2017, average daily production: from the fields in Poltava region (Mekhedivsko-Golotovschynske and Svyrydivske fields) was 197,961 m3/d of gas, 47 m3/d of condensate and 24 m3/d of LPG (1,629 boepd in aggregate) (2016: 157,228 m3/d of gas, 41 m3/d of condensate and 19 m3/d of LPG (1,321 boepd in aggregate)).
From the field in Kharkiv region (Vasyschyvske field) it was 86,242 m3/d of gas and 6.5 m3/d of condensate (608 boepd in aggregate) (Period from 4 July 2016 to 31 December 2016: 82,624 m3/d of gas and 6.5 m3/d of condensate (556 boepd in aggregate).
The average daily production of gas, condensate and LPG from the fields in Poltava region for the period from 1 October 2017 to 31 December 2017 was 276,089 m3/d of gas, 54 m3/d of condensate and 30 m3/d of LPG (2,187 boepd in aggregate) (Q4 2016: 140,818 m3/d of gas, 38 m3/d of condensate and 19 m3/d of LPG (1,196 boepd in aggregate)).
Average daily production of gas and condensate from the field in Kharkiv region for the period from 1 October 2017 to 31 December 2017 was 87,631 m3/d of gas and 6.4 m3/d of condensate (616 boepd in aggregate) (Q4 2016: 86,801 m3/d of gas and 7.0 m3/d of condensate (604 boepd in aggregate)).
Also, in November 2017, the Company entered into an agreement with NJSC Ukrnafta, the partially State-owned oil and gas producer, relating to the Svyrydivske-12 well, which is a suspended well owned by NJSC Ukrnafta located within the Company's Svyrydivske license area. Under the agreement, the Company agreed to investigate the re-activation of this well, which may include a workover of the well, and, if this action is successful, the well will be brought back into production, with the gas and condensate produced from the well being sold under an equal net profit sharing arrangement between the Company and NJSC Ukrnafta. Initial work has commenced on the well to ascertain which operations are likely to be required to re-activate the well.
At the Vasyschyvske field, mobilisation of equipment for the acquisition of 3D seismic has commenced, and preparation for the Vasyschyvske-10 well is well underway, with spudding of this well expected in mid-February 2018.
Smart Energy is a part of Smart-Holding in charge of implementing exploration projects, commercial development of the hydrocarbon deposits and alternative energy initiatives.
Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkov region) and Regal Petroleum, a listed British company having assets in Poltava and Kharkov regions (Prom-Energo Product).