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Regal Petroleum Plc Regal Petroleum plc Regal Petroleum Annual Report and Financial Statements 2017 Regal Petroleum plc Annual Report and Financial Statements for the year ended 31 December 2017 Regal Petroluem AR2017.indd 3 08/05/2018 16:38:03 26054.02 8 May 2018 2:57 PM Proof 5 REGAL PETROLEUM PLC Annual Report and Financial Statements 2017 Regal Petroleum plc is an independent oil and gas company, quoted on the AIM market of London Stock Exchange plc and focused on gas and condensate field development in Ukraine. Inside this Report STRATEGIC REPORT Highlights 01 Chairman’s Statement 02 Chief Executive Officer’s Statement 03 Overview of Assets and Reserves 06 Finance Review 08 Principal Risks and Uncertainties 11 GOVERNANCE Board of Directors 18 Corporate Governance Statement 19 Directors’ Report 20 Independent Auditors’ Report 22 FINANCIALS Consolidated Income Statement 28 Consolidated Statement of Comprehensive Income 29 Company Statement of Comprehensive Income 29 Consolidated Balance Sheet 30 Consolidated Statement of Changes in Equity 31 Consolidated Cash Flow Statement 32 Company Balance Sheet 33 Company Statement of Changes in Equity 34 Company Cash Flow Statement 35 Notes forming part of the financial statements 36 Regal Petroluem AR2017.indd 4 08/05/2018 16:38:03 26054.02 8 May 2018 2:57 PM Proof 5 www.regalpetroleum.com STRATEGIC REPORT HIGHLIGHTS STRATEGIC REPORT STRATEGIC GOVERNANCE UKRAINE OPERATIONS Aggregate 2017 year end production of approximately 2,800 boepd, compared with approximately 1,700 boepd at 2016 year end, representing an increase of nearly 65% over the year, largely as a result of the significant contributions of the new MEX-109 well and the successful workover of the SV-2 well Average production from the MEX-GOL and SV fields over the year to 31 December 2017 was 197,961 3m /d 3 3 3 of gas, 47 m /d of condensate and 24 m /d of LPG (1,629 boepd in aggregate) (2016: 157,228 m /d of gas, FINANCIALS 41 m3/d of condensate and 19 m3/d of LPG (1,321 boepd in aggregate)) Average gas and condensate production from the VAS field over the year to 31 December 2017 was 86,242 m3/d of gas and 6.5 m3/d of condensate (608 boepd in aggregate) (Period from 4 July 2016 to 31 December 2016: 82,624 m3/d of gas and 6.5 m3/d of condensate (556 boepd in aggregate)) FINANCE Profit for the year to 31 December 2017 of $2.3 million (2016: $1.3 million loss) Revenue for the year to 31 December 2017 of $35.1 million (2016: $25.7 million) Cash generated from operations during the year of $18.0 million (2016: $10.0 million) Average realised gas, condensate and LPG prices in Ukraine for the year to 31 December 2017 of $241/Mm3 (UAH6,412/Mm3), $67/bbl and $56/bbl respectively (2016: $213/Mm3 (UAH5,441/Mm3) gas, $51/bbl condensate and $43/bbl LPG) Cash and cash equivalents of $14.2 million and other short-term investments of $16.0 million at 31 December 2017 (31 December 2016: $20.0 million and nil respectively), with cash and cash equivalents at 28 March 2018 of $20.3 million, held as $13.5 million equivalent in Ukrainian Hryvnia and the balance of $6.8 million equivalent predominantly in US Dollars and Pounds Sterling. The Group’s other short-term investments at 28 March 2018 were $16.0 million OUTLOOK Focus during 2018 at MEX-GOL and SV fields on completion of geophysical studies on existing seismic data and refinement of new geological model, workover of SV-12 well, planning for new well, installation of additional compression equipment, continued investment in gas processing facilities and pipeline network, and upgrading of existing wells Focus during 2018 at VAS field on acquisition, processing and interpretation of new 3D seismic, drilling of VAS-10 well and continued investment in gas processing facilities, pipeline network and other infrastructure Funding of 2018 development programme planned to be from existing cash resources and operational cash flow 01 Regal Petroluem AR2017.indd 1 08/05/2018 16:38:04 26054.02 8 May 2018 2:57 PM Proof 5 REGAL PETROLEUM PLC Annual Report and Financial Statements 2017 CHAIRMAN’S STATEMENT I am pleased to introduce the 2017 Annual Report and As regards the Group’s financial performance in the year Financial Statements. During 2017, the Group has made very ended 31 December 2017, I am pleased to report that promising progress in the development of its MEX-GOL, SV the Group made a profit of $2.3 million (2016: $1.3 million and VAS gas and condensate fields in north-eastern Ukraine, loss), mainly as a result of improved revenues from higher with significant improvements in production rates, leading to production volumes and hydrocarbon prices. Cash generated a much improved financial performance. from operations during the year was higher at $18.0 million (2016: $10.0 million). At the Group’s MEX-GOL and SV fields, production was reasonably stable during the first half of 2017, but in June Board and Management Changes 2017, the new MEX-109 well, utilising improved drilling During the year, there were significant changes to the and completion techniques developed as a result of recent management and Board of Directors of the Company. With studies, was completed successfully and put on production, effect from the start of August 2017, Sergii Glazunov became and in August 2017, following completion of its workover, Chief Executive Officer, having previously been Finance the SV-2 well was also put on production. Together, these Director, and Yevhen (Gene) Palyenka was appointed Chief successes have nearly doubled output from the MEX-GOL Financial Officer. Later in August 2017, Bruce Burrows joined and SV fields. In addition, the VAS field has continued to the Board as Non-Executive Director, and Adrian Coates produce consistently during the year. With the improved stepped down from the Board at the same time. contribution from the new wells on the MEX-GOL and SV fields, aggregate production at the end of 2017 from all fields I joined the Board as Non-Executive Director in September was approximately 2,800 boepd. This compares with an 2017, and was appointed Non-Executive Chairman in October aggregate production rate of approximately 1,700 boepd at 2017. At the same time, Phil Frank joined the Board as Non- the end of 2016, which represents an increase of nearly 65% Executive Director, and Keith Henry and Alastair Graham over the year. stepped down from the Board. On behalf of the Board, I would like to thank each of Keith, Alastair and Adrian for The fiscal and economic situation in Ukraine continues their valued contributions during their respective tenures with to improve, with a better economic outlook, GDP growth the Company. and improved stability in the Ukrainian Hryvnia exchange rates, although the inflation rate did increase moderately. Outlook Nevertheless, there continue to be stresses in the economy While there are still challenges in the business environment in and weaknesses in the Ukrainian banking sector. Ukraine, the situation is improving and the Group is continuing to progress the development of its Ukrainian fields. After the The Ukrainian Government has implemented a number of operational successes of 2017 and the increased production reforms in the oil and gas industry in recent years, which output during the year, we are looking forward to achieving include the deregulation of the gas supply market in late 2015, further successes in the development activities planned for and more recently, reductions in the subsoil tax rates relating 2018 and delivering a steadily increasing production and to oil and gas production and a proposed simplification of the revenue stream in the future. regulatory procedures applicable to oil and gas exploration and production activities in Ukraine. In conclusion, on behalf of the Board, I would like to thank all of our staff for the continued dedication and support they have The deregulation of the gas supply market, supported shown during the year. by electronic gas trading platforms and improved pricing transparency, has meant that the market gas prices in Ukraine now broadly correlate with the imported gas prices. During 2017, gas prices were reasonably stable, allowing for some Chris Hopkinson seasonal variation, and were higher than in 2016. Furthermore, Chairman condensate and LPG prices were also higher in 2017 by comparison with the previous year. 02 Regal Petroluem AR2017.indd 2 08/05/2018 16:38:04 26054.02 8 May 2018 2:57 PM Proof 5 www.regalpetroleum.com CHIEF EXECUTIVE OFFICER’S STATEMENT STRATEGIC REPORT STRATEGIC Introduction Production The Group has made good progress at its Ukrainian fields Average daily production from the MEX-GOL and SV fields during 2017, with the increase in development activity at the over the year ended 31 December 2017 was 197,961 m³/d MEX-GOL and SV fields resulting in the successes of the of gas, 47 m³/d of condensate and 24 m³/d of LPG (1,629 MEX-109 well, which came on production in June 2017, and boepd in aggregate) (2016: 157,228 m3/d of gas, 41 m3/d of the SV-2 well, which came on production in August 2017, condensate and 19 m³/d of LPG (1,321 boepd in aggregate)). GOVERNANCE providing a significant boost to production rates. Production rates improved significantly following the commencement of production from the MEX-109 well in June During the year, the Group continued its work on the 2017 and the SV-2 well in August 2017. subsurface of the MEX-GOL and SV fields, utilising the results of P.D.F.
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