Regal Petroleum (AIM: RPT), the Ukraine-focused oil explorer moved higher today on the AIM hitting a price of 162.50p a share as the London-based company said it has appointed Keith Henry as its new finance director with immediate effect.Regal has recently been attracting some very impressive partners. On November 21, 2007 the group announced that Royal Dutch Shell is in a process of acquiring a major part of the group's Ukrainian oil projects for up to $410m. Shell agreed to pay $50m in cash for the stake and will shoulder the first $360m spending for the field's development, Regal said.
Earnings at the company also have been coming in strong. On September 27, 2007 the group said it saw an increase in profits from $0.8 million to $3.8 million when comparing the six month periods ending June 2006 and June 2007 respectively.
All the way to the top
At the end of June 2007 the company had cash in hand of $9.4 million and the group had no external borrowings at that time.The group was happy that the operations in Ukraine have showed a significant improvement which contributed to the financial results for the six months ended 30 June 2007.
In September, 2007 the company borrowed $15 million from Bank of Scotland. The company also has assets in Romania and Egypt.
Gas prices in Ukraine and all over the world are already hitting all time records and the prices have remained on a strong upward trend throughout 2008. A continuation of this pattern could be a positive for RPT shareholders.
Reference
www.regalpetroleum.co.uk
User comments
Regal and Shell partnership was terminated before it even started.
Regal have never made a profit.
June 07 cash is irrelevant; they've raised £4 0mln since then.
The company didnt borrow any money from the Bank of Scotland.
Apart from that, its spot on!!
Utterly unreliable reporting.