London-based Regal Petroleum (RPT.LN) Friday said its RBN-4 well, in the Barlad Concession, Romania has been suspended following a second test on the well, revealing no hydrocarbons were present.
London-based Regal Petroleum (RPT.LN) Friday said its RBN-4 well, in the Barlad Concession, Romania has been suspended following a second test on the well, revealing no hydrocarbons were present.
Drilling of the well, in which Regal holds a 100% working interest, proved that there were no hydrocarbons at a depth of 543.3 to 556 metres. Drilling was completed to a depth of 973 metres on Oct. 27.
In a statement Friday, the oil and gas explorer said the suspension is in place to allow the further evaluation of the results of the well.
"Although the test results of the second interval are disappointing, we are very encouraged by the flow rates achieved from the lower zone and we will now be evaluating the potential for this gas discovery," Chairman and Chief Executive, David J Greer said in the statement.
Regal Petroleum has its main assets in Ukraine, where it focuses on the development and production of condensate and gas. Licenses for prospective exploration are also held in Romania and Egypt.
The oil and gas explorer reported a first half average production of 4.44 million cubic feet of gas per day and 303 barrels of condensate per day.
At 0824 GMT Regal Petroleum shares were unchanged at 149.75 pence, in a slightly low overall U.K. oil and gas market. The shares are down 4.62% on the year, partly due to seasonal demand cycles in the Ukraine, causing high price fluctuations.
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