Regal Petroleum PLC – Interim Results

Regal Petroleum PLC – Interim Results

Regal Petroleum plc (the “Company”, and with its subsidiaries, the “Group”), the AIM-quoted (RPT) oil and gas exploration and production group with assets in Ukraine, today announces its unaudited results for the six month period ended 30 June 2019.

 

Highlights

 

Operations

·     

Aggregate average daily production from the MEX-GOL, SV and VAS fields over the six month period to 30 June 2019 of 4,192 boepd, which compares with an aggregate average daily production rate of 2,790 boepd during the first half of 2018, an increase of approximately 50%

·     

Reserves upgrade at VAS field announced in August 2019, nearly doubling proved + probable (2P) reserves to 3.145 MMboe (from 1.80 MMboe)

Finance

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Revenue for the six month period ended 30 June 2019 up 27% to $31.3 million (1H 2018: $24.6 million)Operating profit for the period of $13.7 million (1H 2018: $44.5 million, including one-off item of $34.5 million)

·     

Operating profit for the period of $13.7 million (1H 2018: $44.5 million, including one-off item of $34.5 million)

·     

Profit before tax for the first half of 2019 of $13.3 million (1H 2018: $45.0 million, including one-off item of $34.5 million)

·     

Cash and cash equivalents of $67.8 million at 30 June 2019 (31 December 2018: cash and cash equivalents of $53.2 million), with cash and cash equivalents at 10 September 2019 of $62.0 million

Outlook

·     

Development work for the remainder of 2019 at MEX-GOL and SV fields: refinement of the geological model; testing and if successful, hook up of MEX-119 well; hydraulic fracturing operations on MEX-120 well; commencement of SV-54 well; planning for further new well in SV field; assessment and workover of existing wells; installation of compression equipment; and continued investment in gas processing facilities, pipeline network and other infrastructure 

·     

Development work for the remainder of 2019 at VAS field: completion of processing and interpretation of new 3D seismic data; development of new geological model; planning for a new well; installation of compression equipment; and continued investment in gas processing facilities, pipeline network and other infrastructure

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