(Alliance News) - Regal Petroleum PLC on Friday said its profit reduced sharply in the first half of 2019 due to non-repeat of a one-off benefit, but revenue jumped 27% on higher production volumes.
The oil & gas exploration and production company reported pretax profit of USD13.3 million for the six months to the end of June, down 71% from USD45.0 million a year earlier. In the first half of 2018, Regal Petroleum recorded a USD34.5 million impairment reversal.
Regal's revenue in the period rose to USD31.3 million from USD24.6 million due to higher production volumes. Aggregate average daily production from the MEX-GOL, SV and VAS fields, all in Ukraine, over the six months to the end of June was 4,192 barrels of oil equivalent a day, which compares with an aggregate average daily production rate of 2,790 barrels of oil equivalent daily during the first half of 2018, an increase of 50%.
"We are looking forward to achieving further successes in the development activities planned for the remainder of 2019 and delivering a steadily increasing production and revenue stream in the future," said Chair Chris Hopkinson.
Regal shares were trading 8.2% higher in London on Friday at 34.85 pence each.