Regal increases production at SV-58 by 100%

Regal Petroleum (LSE: RPT LN) said in an operational update yesterday that it increased production at its SV-58 well by 100% from the level announced in January as a result of additional well interventions. Regal said the abrasive jet perforation technique, trialed at the well in January, was successfully completed across all remaining B-sand target zones. Regal reported that as of April 1, the well’s exact production rate was 114,320 m3/d of gas and 10 m3/d of condensate (800 beopd). Regal shares rallied yesterday, up 9%, to 70p each.