Business
2007 Audited Final Results
2007 Audited Final Results.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 3529X Regal Petroleum PLC 24 June 2008 \n \n24 June 2008\n\nREGAL PETROLEUM PLC\n\n('REGAL', THE 'COMPANY' OR THE 'GROUP')\n\n2007 AUDITED FINAL RESULTS \n\nRegal Petroleum plc (RPT), the AIM-listed London based oil and gas exploration and production group, today announces its audited results for the year ended 31 December 2007.\n\n\nHighlights\n\nFinancial:\n\n\nTurnover of $14.3 million (2006: $10.8 million) was derived entirely from Ukraine gas and condensate sales and represented a 32% increase over 2006.\n\n\nRealised prices for gas in Ukraine increased by over 38% from January 2007 to January 2008.\n\n\nLoss for the year of $22.0 million (2006: $115.3 million) reflects the development nature of the business.\n\n\nCapital expenditure of $12.8 million; majority invested in Ukraine field development, drilling (development and exploration) and the acquisition of 3D seismic on MEX-GOL field.\n\n\nAdditional cash of $165 million (gross) raised post year-end, through a placing to institutional investors in February 2008, largely for the development of the Ukrainian gas assets.\n\n\nAt the date of this announcement the Group has net cash of $133.6 million.\n\n\n\n\nOperational:\n\nUkraine:\n\n\n100 km2 of 3D seismic acquired over the MEX-GOL field.\n\n\nWell MEX 103 spudded in October 2007 and due to reach target depth in Q3 2008.\n\n\nAverage 2007 daily production 4.88 MMcf/d of gas and 280 bpd of condensate, totalling 1,157 boepd.\n\n\n\nRomania:\n\n\nRBN-4 gas discovery on Barlad licence (Regal 100%) tested at maximum rate of 3.74 MMcf/d.\n\n\nDornesti Sud-1 gas discovery on Suceava licence (Regal 50% non-operated) tested at average rate of 0.88 MMcf/d \n\n\n\nEgypt:\n\n\nERB-A-1X oil discovery on East Ras Budran concession (Regal 25% non-operated) tested at 1,901 bopd in September 2007. Tied in as production test well in June 2008 (at date of announcement, the daily production rate has not yet stabilised).\n\n\n3D seismic survey acquired and additional exploration well drilled\n\n\n2008 Update and Outlook:\n\n\n\nUkraine: Five year contracts signed with Saipem SpA for provision of two new, top drive, drilling rigs for the development of the Ukrainian gas fields.\n\n\nUkraine: Preparations underway for the spudding of...