Business
2009 Interim Results
2009 Interim Results.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 1238Z Regal Petroleum PLC 16 September 2009 \n \n2009 INTERIM RESULTS\n\nRegal Petroleum plc ('Regal', 'the Company' or 'the Group'), the AIM-listed (RPT) London based oil and gas exploration and production group, today announces its unaudited results for the six months ended 30 June 2009.\n\nHighlights\n\nFinance\n\n\n\nTurnover of $8.7 million, up 30% on equivalent period last year.\n\n\nGas and condensate production volumes rose by 49% and 53%, respectively, from the same period last year.\n\n\nRealised prices for gas in Ukraine have increased by 29% from 2008 (full year) to $241/Mm³.\n\n\nOperating loss cut to $6.0 million (first half 2008: $10.1 million).\n\n\nSecondary placing on 1 July 2009 resulted in cash receipts of £63.4 million gross ($105.1 million), with cash held on this date of $161.4 million.\n\n\nNo debt.\n\n\nUkrainian Operations\n\n\n\nDrilling and completion of the first two 'new generation' wells (MEX-106 and SV-58) using two new US-built, top-drive, rigs contracted via Saipem, are well advanced with MEX-106 being brought onto production test and SV-58 being prepared for completion, having reached total depth of 6,309 metres in September 2009. \n\n\nDrilling of these two deep wells has been accomplished in less than half the time that similar shallower wells have been drilled previously on these licences and to a greater depth.\n\n\nProduction and revenue expected to significantly increase in Q4 2009, with MEX-106 expected on test production in September 2009 and SV-58 in October 2009 through flow lines installed to the Regal MEX-GOL gas processing facility.\n\n\nLocations for the next two wells, SV-61 and SV-66 have been prepared, with the first having been spud on 5 September 2009 and by 14 September already drilled and cased to 1,145 metres. SV-66 is expected to spud in November 2009.\n\n\nThe 3D subsurface model of Ukraine licences is now complete and work will continue on further refining this model by incorporating the latest well results.\n\n\nIndependent consultants have been engaged to prepare a resource update due by year end.\n\n\nRomanian Operations\n\n\n\nWork undertaken ...