(Alliance News) - Ukraine-focused gas producer Regal Petroleum PLC on Thursday reported an earnings fall due to weaker gas prices and the non-repeat of an impairment reversal.
In 2019, Regal's revenue fell 15% to USD55.9 million from USD66.1 million. Its pretax profit fell by more than two-thirds to USD21.8 million from USD66.8 million.
In 2018, the company reported a USD34.5 million impairment reversal, compared to none in 2019.
Regal's average daily production for the year was 26% higher at 4,263 barrels of oil equivalent per day, from 3,391.
Chief Executive Officer Sergii Glazunov said: "2019 was a strong operational year for Regal Petroleum. Record production from the MEX-GOL, SV and VAS fields helped offset the impact of lower gas prices experienced in the year."
In 2020, the company said it will continue to develop its assets in Ukraine and is mindful of the Covid-19 outbreak.
"There has been no operational disruption linked to the Covid-19 pandemic, and no material impact is currently envisaged on the group's prospects. However, the board and management remain acutely aware of the risks, and are taking action to mitigate them where possible," Regal said.
Shares in the company were 0.6% lower at 16.39 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.