Business
Operations and Investment Update
Operations and Investment Update.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 4130C Regency Mines PLC 28 June 2016 \n\n \nRegency Mines Plc\n(\"Regency\" or the \"Company\")\n \nOperations and Investment Update\n \n28 June 2016\n \nRegency Mines Plc (\"Regency\" or the \"Company\"), the natural resource development and investment company with interests in oil and mineral exploration, announces an update on its operations and investments. This release will cover Regency's core oil and mineral assets, current investments, non-core assets and discontinuing activities. \n \nAndrew Bell, Regency Chairman, comments: \"We have had more than a year of significant balance sheet and cost restructuring of the Company and re-ordering of its priorities. This update identifies the key assets and operational opportunities in the business, in order to demonstrate clearly where value lies and where we intend to focus over the next 12-18 months. \n \nWe have continued to hold those assets with both scale and identified mineral resources through the lows of the cycle, and over three years we have worked to add bottom of the cycle oil and gas opportunities. We have worked the remaining portfolio to divest and to generate liquidity opportunities. \n \nOur initial oil and gas focus was on low cost onshore near-term production. We have recently focussed on potentially larger oil and gas assets which while still having these characteristics are entering into or coming out of insolvency proceedings. We now have a portfolio of three oil and gas opportunities that offer some combination of scale, upside, and cash flow potential.\n \nRegency has a very low cost base, multiple potential income streams, and several potential company-makers in its portfolio. We will continue on this path.\"\n \nCompany Strategy\n \nRegency seeks to monetize and optimize its existing portfolio of non-core mineral exploration assets and investments while focussing the deployment of new funds on three main oil and gas projects; Horse Hill, Westport, and the Western US Oil Project. The Company intends to spend minimal funds on other projects and will continue to explore farm-out options and asset disposals as appropriate with a view to maximizing the value of previous expenditure and existing resources. \n \nThe Board believes that...