Business
Final Results 2008
Final Results 2008.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 5566R Regal Petroleum PLC 01 May 2009 \n \n\n1 May 2009\n\nREGAL PETROLEUM PLC\n \nA YEAR OF SIGNIFICANT PROGRESS, WITH THE MOMENTUM AND FOCUS FOR FUTURE SUCCESS\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 audited results for the year ended 31 December 2008.\n\nHIGHLIGHTS\n\nFinancial:\n\n\n$206 million of equity capital raised in 2008, bank debt subsequently discharged with no debt outstanding and cash of $106 million held at year end. Cash held as at 30 April 2009 is $78.5 million;\n\n\nRealised gas price in Ukraine increased by 32% in 2008;\n\n\nDespite expected production decline, revenue, at $11.5 million, fell by only 19% while operating losses, after adjusting for non-cash share option charges, rose just 18% to $15.7 million;\n\n\nProduction and revenues should continue to rise with the first two new-generation wells expected to be brought on stream later in 2009.\n\n\nOperational:\n\n\nHistorical production decline stemmed with current production levels up to approximately 1,200 boepd;\n\n\n\n\nAcquisition of over 200km² of 3D seismic completed for the vast majority of the Company's Ukrainian licences, enabling the construction of a detailed subsurface model in order to optimise the development plan;\n\n\nSuccessful import of two, new, state-of-the-art top-drive drilling rigs ahead of the year end, as planned. First new-generation wells, spud in January and February 2009, are targeting production from the upper Visean sands and an appraisal of the deeper Tournasian sands;\n\n\nCompleted the MEX-103 well and worked over three existing wells. Of these, MEX-102 was so prolific that it initially produced over 200,000 m³/d in November 2008, from a single horizon, thereby raising total field production to over 2,000 boepd; \n\n\nTransformation of the company largely completed, with a strong team of internationally experienced professionals brought together to realise the full potential of the assets;\n\n\n750,000 man-hours of staff and contractor time recorded withou...