Regal Petroleum’s net loss widens by fourfold in 2010

Regal Petroleum (LSE: RPT LN) increased its net loss by 4x y-o-y in 2010 to USD 40.6 mln, according to a report posted Friday on the London Stock Exchange. The loss includes a USD 15.3 mln impairment charge on its exploration portfolio and the settling of USD 18.7 mln obligations with a contractor. Net revenues grew 46.1% y-o-y to USD 29 mln, and gross profit increased by 14.2% y-o-y to USD 16 mln. Both of the company’s fields remain shut-in since May 2010 over a suspension order by the Ukrainian Ministry of Environmental Protection. On March 4, 2011 Smart Holding closed an increased partial cash offer for 54% of Regal’s shares. Antonina Davydenko: According to an undisclosed source at Smart Holding cited by Mergermarket this week, Regal’s license issues might be resolved by June 10, in line of our expectation of a resolution following the Smart buyout, which could unlock the company’s growth potential.