British company Regal Petroleum, a part of Smart Energy, has increased its aggregate average daily hydrocarbon production by 50% for six months of 2019 compared with the same period last year, whereas company’s revenue has increased by 27%. It was said in announcement for AIM - London Stock Exchange.
Thus, aggregate average daily production from fields in Poltava and Kharkiv regions over the six months period of 4,192 boepd, which compares with 2,790 boepd over the six months period last year.
Revenue for the reporting period up to 31.3 mln USD, whereas for the same reporting period last year it was 24.6 mln USD.
Operating profit for the period of six months last year was 13.7 mln USD, pretax profit – 13.3 mln USD. For six months 2018 these indicators were 44.5 mln USD respectively and 45.0 mln USD, including single transaction of reversal of impairment of assets in the amount of 34.5 mln USD subject to hydrocarbon reserves updated assessment in Mekhedivsko-Golotovschynske and Svyrydivske fields in Poltava region.
Capital investments over first half of 2019 up to 6.7 mln USD. Bulk of this amount is subject to drilling of new well MEX-119. Own funds, received from operating activity, have become the source for capital investments. Considering its available financial indicators, Regal Petroleum is aiming to finance a development program for the rest of this year.
In particular, for the remainder of 2019 the Company is planning to perform the following development work in Mekhedivsko-Golotovschynske and Svyrydivske fields: refinement of the geological model; testing and hook-up of MEX-119 well; stimulation works of MEX-120 well; start of drilling of new exploratory well.
Completion of processing and interpretation of new 3D seismic data; development of new geological model and planning for a new well have been planned for Vasyschyvske field in Kharkiv region.
Installation of new compression equipment and update of gas and gas condensate processing facilities, pipeline network and other infrastructure are also expected in all fields.
As a reminder, earlier the Company announced an updated assessment of its reserves according to PRMS at Vasyschyvske gas condensate field in Kharkiv region. The report estimated significant increase of 1P and 2P reserves.
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 of Smart Energy Group.
Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits.
In addition to assets of Regal Petroleum, Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region).