British company Regal Petroleum, a part of Smart Energy, increased an average daily production of hydrocarbons by 26% up to 4,263 boepd in 2019 from 3,391 boepd in 2018.
Thus, by the assets, Regal Petroleum has got the following results:
| Field | Gas (MMscf/d) | Condensate (bbl/d) | LPG (bbl/d) | Aggregate boepd | ||||
|
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
|
MEX-GOL & SV
| 14.8 | 12.0 | 577.8 | 436.2 | 274.4 | 225.0 | 3,391 | 2,717 |
|
VAS
| 4.4 | 3.3 | 61.9 | 49.9 | - | - | 872 | 674 |
|
Total
| 19.2 | 15.3 | 639.7 | 486.1 | 274.4 | 225.0 | 4,263 | 3,391 |
Meanwhile, the company’s revenue for 2019 made up 55.9 million USD, down by 15% against the result of 2018 because of significantly lower prices for hydrocarbons. In particular, the price for gas decreased by 33%, for condensate was 19% down and for LPG decreased by 14%. The company gained the operating profit of 21.1 million USD and net profit of 12.2 million USD for the year 2019.
Sergii Glazunov, CEO of Regal Petroleum plc and Smart Energy Group of companies, commented: “2019 was a strong operational year for Regal Petroleum. Record production from the Mekhedivsko-Golotovshchynske, Svyrydivske and Vasyshchevske fields helped offset the impact of lower gas prices experienced in the year, and the Board believes that the acquisition of LLC Arkona Gas-Energy in March of this year will bolster our production capacity following completion of initial drilling planned to commence in the next twelve months.
We are looking forward to further progressing our development programme in the new financial year and continuing to improve production rates and revenue streams in the future. We are watching closely the unprecedented developments of the current COVID-19 pandemic, and although we have seen no material impact so far, we have taken and will keep taking actions to ensure the safety of our employees and local communities.”
Reference
Regal Petroleum plc is a British AIM-quoted public company, operating in Ukraine through the Representative Office of Regal Petroleum Corporation Limited and LLC Arkona Gas-Energy in Poltava region, as well as LLC Prom-Energo Product in Kharkiv region. The companies own special license for production of hydrocarbons and are part of Smart Energy Group.
Whereas, Smart Energy Group is a part of Smart-Holding, in charge of implementing exploration projects and commercial development of the hydrocarbon deposits.
In addition to assets of Regal Petroleum, Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region).