Kiev, 28 November – Regal Petroleum Company (UK) has successfully completed drilling of the SV-53 well at its Sviridovskoye gas and condensate field (Poltava region, Ukraine).

The SV-53 well has been drilled to the target depth of 5,450 metres, been completed and has passed an initial testing. Following the testing results, the flow rate of the well stabilized at a projected level of 150,000 m3/d of gas and 40 m3/d of condensate, which in aggregate corresponds to 1,187 boepd. Currently, the drilling rig is being demobilised and once that is completed, the well will be connected to the gas processing facility. These operations will approximately take two months and will be followed by the production testing of the well.

The second well, MEX-105, at Mekhedovsko-Golotovschinskoye field (Poltava region) has been drilled to the depth of 4,650 metres. Currently, 245 mm casing is being installed in the well and thereafter drilling will continue to the well’s target depth of 5,250 metres.

‘Completion of work at the new well of Sviridovskoye field and attainment of the first positive result is an important stage in the program of the increased hydrocarbon production at our fields. The mid-term objective is to bring the hydrocarbon production to 1 billion cubic metres per year in aggregate for Smart Energy’s projects,’ pointed out the CEO of Smart Energy, Alexey Timofeyev.

Reference

Regal Petroleum plc. has been operating in Ukraine since 1999. In March 2011, Smart Holding concentrated 54% of shares in Regal Petroleum. Regal Petroleum holds licenses for development of Mekhedovsko-Golotovschinskoye and Sviridovskoye gas and condensate fields (Poltava region). Following H1 2012 results, the average daily gas production at the wells belonging to the company amounted to 214.47 thousand cubic metres, and that of condensate totalled 47 cubic metres. In 2012, Regal Petroleum planned to complete drilling of two new wells, as well as to boost the productivity of the three running wells at Mekhedovsko-Golotovschinskoye and Sviridovskoye gas and condensate fields.

For additional information, please visit: www.regalpetroleum.co.uk

Smart Holding is one of the largest investment groups in Ukraine with focus on key industries of the economy, including metals and mining, oil and gas, banking sector, shipbuilding, real estate and agriculture.

Smart Holding’s strategy is aimed at efficient management of a diversified portfolio of the Group’s assets by increasing its value in the long run and by searching for new business development directions. Smart Holding’s investment activities are focused on the investments both in Ukraine and in the countries of CIS and Eastern Europe. Smart Holding participates in the projects as a strategic and portfolio investor.

Smart Energy is a management company within Smart Holding Group responsible for project development in the field of hydrocarbon production and alternative energy sources. Apart from Regal Petroleum, the energy business of Smart Holding includes Prom-Energo Product gas production company and Vin-Pellet solid biofuel production plant (Vinnitsa region).

For additional information, please visit: www.smart-holding.ua