Regal Petroleum releases updated reserves & resources assessment

Regal Petroleum (AIM: RPT LN) disclosed the results of an updated assessment of reserves and prospective resources attributable to its MEX-GOL-SV fields in Ukraine by Ryder-Scott, an independent petroleum consulting firm, in a resources & operational update yesterday. The report indicated the fields’ remaining proved resources & reserves at 40.9 MMboe, remaining probable at 110.4 MMboe, remaining proved + probable (2P) at 151.3 MMboe, remaining possible at 102.4 MMboe, and remaining proved + probable + possible (3P) at 253.7 MMboe. Regal said the study was consistent with its field development bank for B-sands. Regal said its objective in 2010 is to generate cash flows by bringing its SV-61, SV-66, MEX-106, MEX-120 and SV-69 wells into production by yearend. Regal expects its current cash balance of USD 82 mln sufficient to achieve the target.