Regal Petroleum names BP veteran Dr Alastair Graham non-exec director

Regal Petroleum PLC (AIM: RPT), independent oil and gas exploration and production company with interests in Ukraine, Romania and Egypt, said it appointed Dr Alastair Macleod Graham as a non-executive director with immediate effect.

Graham has over 29 years experience in the oil and gas industry having held a number of senior management roles with BP PLC (LSE: BP), including UK business development manager, upstream mergers and acquisitions manager, positions at Sidanco in Russia, for BP's Southern North Sea gas production business and for BP Exploration Alaska and, most recently, leader of BP's Russia business unit and its shareholder representative for the TNK-BP joint venture.

Since retirement from BP in March 2009, Graham has provided consultant advisory services in the oil and gas sector.

Regal also announces that Antonio Mozetic and Lord Anthony St John of Bletso have stepped down as non-executive directors  due to other business and/or personal  commitments, with immediate effect.  

Regal announced earlier this week it achieved sustainable production from the SV-58 well at the Svyrydivske gas and condensate field in Ukraine after implementing a customized jet perforation technique to overcome reservoir connectivity challenges within the well, which the company said has “behaved in an unusual manner.” at the Golotvshinska field and potential B24 limestone production from SV-58 and the remaining SV-58 B-sand reservoirs.

Current production rates are below the company’s 2009 year-end target, standing at 2,072 boepd (barrels of oil equivalent per day), which the company said was caused by delay in establishing production in SV-58 and the MEX-106 wells at the Golotvshinska field.

A well intervention programme is planned for later this year to access additional reserves that have been tested previously but which are now stranded behind pipe. Further, a series of low-cost wellhead compression projects on existing wells are planned for Q4 2010 to generate additional production.

That, along with incremental production gains from the completion of the new wells SV-61, SV-66, SV-69 and MEX-120, is expected to help Regal to a “significant growth” of field output.  http://www.proactiveinvestors.co.uk/companies/news/12203/regal-petroleum-names-bp-veteran-dr-alastair-graham-non-exec-director-12203.html