Regal Petroleum launches its business in Ukraine, acquiring interests in the MEX-GOL and SV fields.
Regal Petroleum’s shares are floated on the AIM Market of the London Stock Exchange.
The company acquires projects in Greece, Romania, Egypt and Liberia.
New management undertake expansive field development at the MEX-GOL and SV fields, with mixed outcomes.
After a public takeover process, Smart-Holding Group acquires a 54% shareholding in the company, and the business is refocused on the Ukrainian operations.
The management of the business in Ukraine is strengthened and developed, the remaining project outside Ukraine is divested, and a measured capital investment programme begins to develop the MEX-GOL and SV fields.
Political upheaval and conflict with Russia result in a severe economic impact on the Ukrainian economy and devaluation of the currency, which lead to a slowing down of operational activity.
The economic situation in Ukraine slowly improves, and the company acquires LLC Prom-Energo Product and its VAS gas and condensate field. Drilling recommences at the MEX- GOL and SV fields, and investment is made in the gas processing facilities and pipeline network.
The new MEX-109 development well is completed using improved drilling and completion techniques, and demonstrates strong production rates. Workover operations at the SV-2 well are also successful, giving field production rates a further boost and nearly doubling the output from the MEX-GOL and SV fields.
Drilling successes further increase production rates, resulting in improved profitability, while rising gas prices boost company revenues.
A reassessment of reserves and resources at the MEX-GOL and SV fields increases proved plus probable (2P) reserves to 50.0 million boe, up from 11.7 million boe in 2014.
The improving economic situation in Ukraine and the gradual liberalisation of the domestic oil and gas market improves confidence in the oil and gas industry in Ukraine, encouraging the company to increase investment and activity in its fields, and to investigate new opportunities in oil and gas projects in Ukraine.
A reassessment of reserves and resources at the VAS field increases proved plus probable (2P) reserves to 3.1 million boe, up from 1.8 million boe in 2016.
The company acquires LLC Arkona Gas-Energy, which owns the Svystunivsko-Chervonolutske (SC) exploration licence in north-eastern Ukraine.
The company changes its name to Enwell Energy plc and launches a new website to reflect the progress it has made over recent years, with a strong financial performance and an enhanced focus on efficient and responsible production.