Regal Petroleum has recorded an H1 pretax profit of $321,000, from a year-ago profit of $481,000.
Revenue was $10.4m, from $10.9m.
- Focus during the second half of 2016 on completing comprehensive review and re-evaluation study of geology, geophysics, petroleum engineering and well performance at MEX-GOL and SV fields
- Continue to drill MEX-109 well
- Development planning for PEP asset to include acquisition of 3D seismic and possible new well in 2017
- Funding of remaining 2016 development programme anticipated to be from existing cash and cash equivalents and operational revenues
- Geopolitical and economic outlook in Ukraine remains uncertain but some improvements in geopolitical and economic stability.