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Posted: April 30, 2019

RPT Full Year Results

RNS Number : 4613X
Regal Petroleum PLC
30 April 2019

30 April 2019

REGAL PETROLEUM PLC

2018 AUDITED RESULTS

Regal Petroleum plc (the "Company", and with its subsidiaries, the "Group"), the AIM-quoted (RPT) oil and gas exploration and production group, today announces its audited results for the year ended 31 December 2018.

Highlights

Ukraine Operations

·

Aggregate average daily production from the MEX-GOL, SV and VAS fields over the year to 31 December 2018 of 3,391 boepd, which compares with an aggregate average daily production rate of 2,235 boepd during 2017, an increase of nearly 52%.

·

Aggregate 2018 year end production of approximately 4,377 boepd, compared with approximately 2,811 boepd at 2017 year end, representing an increase of nearly 56% during the year, largely as a result of the significant contributions from the MEX-109 and SV-2 wells, which were operational for the full year, and additional contributions coming on stream during the year from the SV-12 and VAS-10 wells

·

Reserves upgrade at MEX-GOL and SV fields announced in July 2018, approximately quadrupling 2P reserves to 50.0 MMboe, enabling an enhanced development programme for these fields

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Workover of SV-12 well successfully completed and brought on production in July 2018

·

VAS-10 well successfully completed and brought on production in November 2018

Finance

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Revenue for the year to 31 December 2018 up 88.3% to $66.1 million (2017: $35.1 million)

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Gross profit for the year up 216.7% to $34.2 million (2017: $10.8 million)

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Cash generated from operations during the year of $36.8 million (2017: $18.0 million)

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Net profit for the year of $54.3 million (2017: $2.3 million), including a one-off item of $36.1 million relating to impairment reversal of oil and gas development and production asset (as a result of reassessment of the remaining reserves and resources at the MEX-GOL and SV fields as at 31 December 2017)

·

Average realised gas, condensate and LPG prices in Ukraine for the year to 31 December 2018 of $312/Mm3 (UAH8,528/Mm3), $72/bbl and $64/bbl respectively (2017: $241/Mm3 (UAH6,412/Mm3) gas, $67/bbl condensate and $56/bbl LPG)

·

Cash and cash equivalents of $53.2 million at 31 December 2018 (31 December 2017: cash resources of $30.2 million comprising cash and cash equivalents of $14.2 million and short-term investments of $16.0 million), with cash and cash equivalents at 25 April 2019 of $54.2 million, held as $24.2 million equivalent in Ukrainian Hryvnia and the balance of $30.0 million equivalent predominately in US Dollars, Euros and Pounds Sterling.

Outlook

·

Development work for 2019 at MEX-GOL and SV fields: completion of geophysical studies on existing seismic data and refinement of new geological model; completion of MEX-119 well; commencement of new well in SV field; planning for further new well in SV field; hydraulic fracturing of MEX-120 well; 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 2019 at VAS field: completion of processing and interpretation of new 3D seismic data; development of new geological model; reassessment of remaining reserves and resources; planning for a new well; installation of compression equipment; and continued investment in gas processing facilities, pipeline network and other infrastructure

·

2019 development programme expected to be funded from existing cash resources and operational cash flow

The Annual Report and Financial Statements for 2018, together with the Notice of Annual General Meeting, will be posted to shareholders and published on the Company's website during May/June 2019.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.