Losses almost wiped out at Regal

Regal Petroleum, the Ukraine-focused oil and gas explorer, said yesterday it had wiped 86 per cent off its pre-tax loss after selling more gas to the domestic Ukrainian market. Regal posted a $6.83m (£4.42m) pre-tax loss for the year to December 2009, down from a $48.74m loss in 2008, on revenues 74 per cent higher at $19.9m. The company, which also has operations in Romania and Egypt, said it had decided to focus on securing gas production from the shallower B-sands reservoirs at its fields in Ukraine.