Business
1st Quarter Results
1st Quarter Results.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 1960O\n Jadestone Energy Inc.\n 28 May 2020\n \n \n \n \n \n Jadestone Energy Inc.\n \n \n \n \n Jadestone Energy Reports Results for the Period Ending March 31, 2020\n \n \n Strong Ongoing Cash Flow Generation\n \n \n \n \n \n \n May 28, 2020-Singapore: \n \n Jadestone Energy Inc. (AIM:JSE) (\"Jadestone\", or the \"Company\"), an independent oil and gas production company focused on the Asia Pacific region, reported today its consolidated interim unaudited financial statements (the \"Financial Statements\"), as at and for the three-month period ended March 31, 2020. \n Management will host a conference call today at \n 9:00 a.m. UK time, details of which can be found in the release below.\n \n \n \n \n \n Paul Blakeley, President and CEO commented:\n \n \n \"I'm pleased to report another quarter of cash flow delivery and ongoing strengthening of our balance sheet. Prices realised for our production remain well above the Brent benchmark and are further bolstered by downside price protection through our hedging programme. At the same time, we have opted to utilise the substantial flexibility inherent in our 2020 spending plans, to reduce this year's capex by 80%. \n \n \n \n \n \n The combined effect is that we continue to strengthen our net cash position, which now stands at US$72 million and affords us the comfort to re-affirm plans to pay our first dividend later this year, as previously committed. We are building a business that is resilient on all fronts, and can continue to thrive even in a low price environment, with an operating cashflow break-even oil price for the remainder of the year reduced to US$20/bbl. \n \n \n \n \n \n While the challenges presented by the Covid-19 pandemic, and related global economic slowdown, will impact everyone in some way, we are remaining vigilant in how we manage our operations and the welfare of our colleagues and, to this point, we have experienced no disruptions to offshore operations. We remain committed to operating within the guidelines and expectations set out by local authorities, but we are optimistic that the global measures taken to date, can now begin to be scaled back, and that both oil demand and prices will continue their early upward trend.\n \n \n \n \n \n At t...