Regal shrinks losses after gas prices rise by a third

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Regal, the Ukrainian oil and gas explorer which still has beleaguered founder Frank Timis as its major shareholder, saw its revenues soar 74% to $19.9 million during the year. It started to drill at four new production wells in Ukraine during 2009 and said average prices for its gas rose by almost a third to $244 per thousand cubic metres.

The firm, which last year was fined £600,000 by the London Stock Exchange for share ramping, reported: "Despite the worldwide recession and resultant stemming of liquidity which has tested many companies, Regal has continued to follow its initial objectives to try to unlock the true value of its Ukrainian assets."

Regal said it plans to drill two further wells in Ukraine, two in Romania and one in Egypt this year.

Shares in the AIM-listed explorer lost ¼p to settle at 53½p.