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Regal Petroleum cuts 2P reserves estimate 5x

Regal Petroleum cuts 2P reserves estimate 5x

16 April 2013

Regal Petroleum (RPT LN) revised its proved and probable reserves downward 4.8x to 31.6 MMboe by transferring its previously booked reserves into the contingent resources category, the company said in an April 15 press release. The company’s proved reserves were revised downward 5.3x to 7.7 MMboe, based on lower expected recovery factors. Regal’s previous reserves and resources update was published back in May 2010.

Roman Dmytrenko: Even after the downward revision, Regal is trading at USD 2.7/boe of 2P and USD 11.2/boe of 1P. With three-quarters of reserves consisting of natural gas delivering a netback of USD 45/boe, we believe Regal still offers a good value, particularly with MEX-105 well test results expected shortly.

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