Regal believes its Ukraine fields could hold 5.2 trillion m3 in gas resources

Regal Petroleum (RPT LN) CEO David Greer, according to Bloomberg, said in an interview that its gas fields in Ukraine could hold 5.2 trillion m3 of proven, probable and possible gas resources. Proven and probable reserves are estimated at 2.2 trillion m3. Regal updated its estimate following new seismic studies. According to Bloomberg, Regal will drill two new wells on Dec. 20 and Jan. 2 as part of an exploration campaign, after contracting drilling rigs from Italy’s Saipem SpA. Greer said that Regal plans to raise its reserves estimates in 2Q09.