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Regal Petroleum dinged, but operating normally in Ukraine

Operations normal in Ukraine for Regal Petroleum.
By Daniel J. Graeber   |   April 1, 2014 at 8:38 AM   |   Comments

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April 1 (UPI) -- Regal Petroleum said Tuesday its operations in Ukraine are operating normally despite the political turmoil, though audits of its assets produced mixed results.

"The major events that have taken place in Ukraine during recent months, including the change of government, have meant that there has been a great deal of uncertainty about the political and economic outlook in Ukraine," Chairman Keith Henry said in a statement. "Despite the upheaval, the group has been able to operate normally."

Ukraine erupted in chaos in November when the former administration of President Viktor Yanukovych opted to suspend plans to sign free trade and association agreements with the European Union.

Though most of the Russian gas bound for Europe runs through Ukraine's pipeline network, the country is thought to be rich in shale natural gas reserves.

Regal said its average production rate from Ukraine averaged around 6.5 million cubic feet per day. It estimates its proved a probable reserves at 11.7 million barrels of oil equivalent.

Both values are a decline from 2012, which the company said would slow some of its operations moving forward. The revisions were in part to blame for a $127.2 million loss for 2013, compared to a profit of more than $13 million the previous year.

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