Regal Petroleum reports increased production

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Ukrainian oil and gas firm Regal Petroleum reported a year-on-year increase in group production in the second quarter from 2,829 barrels of equivalent per day (boepd) to 4,073 boepd.

The company produced gas, condensate and LPG from the MEX-GOL, SV and VAS fields.

Regal said it did not have any further information to report in relation to the order for suspension relating to the production licence for the VAS field since the announcements made on 12 March 2019 and 19 March 2019 respectively, other than to report that the legal proceedings issued in the Ukrainian Courts to challenge the validity of the order are ongoing, and that it remained confident that it will ultimately be successful in such legal proceedings.

At 30 June 2019, the company's cash resources were approximately $67.9m.

CEO Sergii Glazunov said: 'The company is well positioned for further growth, both from organic development of existing fields and potential acquisitions of new prospects.

'Following the acquisition of additional shares by the company's majority shareholder, Pelidona Services, the company continues to operate as previously, and is pleased by the stated commitment from Pelidona to the continued maintenance of high standards of corporate governance as well as to the long-term growth and development of the company for the benefit of all shareholders.'


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