Ukraine drilling success sees Regal shares surge

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The AIM-listed explorer said the SV-66 well delivered better than expected test results and is now producing more gas than anticipated.
Regal shares rose 4.25p to 36.5p, valuing the company at £116 million.

It was welcome news for the company and its investors, including founder and former boss Frank Timis who remains a major shareholder.
Regal was last year fined £600,000 by the London Stock Exchange for share ramping and made losses of $9.8 million (£6.7 million).

The firm said the well produced a maximum
2,821 barrels of oil equivalent per day on Friday — how gas amounts are measured — nearly five times more than expected by analysts. It has since been "choked back" to 1,392 barrels per day.

Gerry Donnelly, an analyst at First Energy Capital, said the "excellent" results were "far beyond expectations".

Regal said initial flow rates from its first four wells in development programme in Ukraine have been highly variable.

It will carry out a technical review to see if the wells can produce consistently higher flow rates.