Regal Petroleum finished 2018 with net profit of 54.3 million USD

British company Regal Petroleum plc, which is a part of Smart Energy, gained 54.3 million USD of net profit in 2018. Herewith its net profit in 2017 was 2.3 million USD. It was stated in public announcement, published in London Stock Exchange.

Company’s income for 2018 has increased by 88% and reached 66.1 million USD (compared with 35.1 million USD in 2017).

Such financial results have been made possible by Regal Petroleum plc mainly due to the increase of average daily production by 52% from 2235 boepd in 2017 to 3391 boepd in 2018. Besides, the Company restored the value of its assets after reevaluation of hydrocarbon reserves in Mekhedivsko-Golotovschynske and Svyrydivske fields in Poltava region in the amount of 36.1 million USD.

“We managed to achieve remarkable financial and operational results during last year and plan to further ramp up hydrocarbon production. During 2019 we intend to continue the development of Mekhedivsko-Golotovschynske, Svyrydivske and Vasyschyvske fields. In particular, in September this year we expect the drilling of well No 119 MEX-GOL to be completed. Additionally we plan the construction of two new wells in Svyrydivske field; based on 3D seismic results our target is to launch a construction of new well in Vasyschyvske field. The Company is considering now the opportunities for conducting a work-over for existing wells and upgrading gas processing facilities”, - stated Sergii Glazunov, CEO of Regal Petroleum plc and Smart Energy Group of companies.

Reference

Regal Petroleum plc is a British AIM-quoted public company, operating in Ukraine through the Representative Office of Regal Petroleum Corporation Limited in Poltava region and LLC Prom-Energo Product in Kharkiv region. The companies own special license for production of hydrocarbons and are part Smart Energy Group.