Business
2010 Results
2010 Results.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6615I Regal Petroleum PLC 17 June 2011 \n \n\n \n17 June 2011\n \nREGAL PETROLEUM PLC\n\n2010 RESULTS\n \nRegal Petroleum plc ('Regal', 'the Company' or 'the Group'), the AIM-listed (RPT) oil and gas exploration and production group, today announces its audited results for the year ended 31 December 2010.\n \nPrincipal Developments\n \nDevelopments in 2010\n \n· The Company remains subject to a suspension order received by the Company in May 2010 by the Ukrainian Ministry of Environmental Protection in relation to its operations on its gas and condensate fields in Ukraine.Both fields remain shut-in;\n· In September 2010, the Company announced a strategic review of reservoir performance and its business plans. The review concluded that development of the Company's Ukrainian assets would require further technical studies, including the testing of alternative technologies for well completion;\n· Discussions with Saipem with regard to the utilisation of the drilling rigs operated by Saipem concluded with settlement agreements in December 2010, whereby its long term drilling contracts were terminated;\n· During 2010, the Company completed four wells and worked over MEX-103, MEX-106 and SV-58; and\n· The Group recorded a loss for the year of $40.6 million (2009: loss of $9.8 million), which includes an impairment charge on its exploration portfolio of $15.3 million and the cost of settling its Saipem obligations of $18.7 million.\n \nPost year end events\n \n· The Company received an offer from Energees Management Limited (part of the Smart Holding Group) to acquire the entire issued share capital of Regal for a cash consideration of 24 pence per share in December 2010. On 6 February, Energees increased its offer to 38 pence per share and simultaneously scaled this back to a partial offer for a majority holding of the issued share capital of the Company. On 4 March 2011, Energees increased partial cash offer closed at 54% of Regal's issued share capital;\n· On 29 September 2010, the Company entered into a conditional sale and purchase agreement with Chevron fo...