Business
Business Update and 2020 Guidance Outlook
Business Update and 2020 Guidance Outlook.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 0216E\n Jadestone Energy Inc.\n 25 February 2020\n \n \n \n \n \n \n Jadestone Energy Inc.\n \n \n \n \n \n Jadestone Energy Business Update and 2020 Guidance Outlook\n \n \n \n \n \n \n February 25, 2020-Singapore: \n \n Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (\"Jadestone\" or the \"Company\"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide a business update for the year ended December 31, 2019 and an outlook for 2020. \n \n \n \n \n \n 2019 Performance\n \n \n \n \n \n Jadestone achieved its production guidance target for 2019, with full year production averaging 13,531 bbls/d. The Company achieved excellent safety and environmental performance, with no serious injuries, loss of containment or high potential incidents. All eight outstanding enforcement notices at Montara, inherited from the prior operator, were remedied. \n \n \n \n \n \n Unaudited cash operating expense for the full year 2019 was US$22.90/bbl1, after adjusting for non-routine maintenance items and workover activities at Stag. \n \n \n \n \n \n All major spending projects were executed as planned, with the exception of the Montara H6 infill well and seismic acquisition which, as previously disclosed, were contingent upon accessing suitable offshore vessels and have been rescheduled for 2020. Total aggregate spend for the year was around US$78mm (unaudited), of which approximately US$55mm is expected to be booked as capital expenditure. The balance, treated as operating expenditure, was non-routine and largely arises from the riserless light well intervention.\n \n \n \n \n \n As of December 31, 2019, the Company had an unaudited cash balance of US$89mm, excluding restricted cash of US$10mm deposited in support of a bank guarantee. The total principal outstanding on the RBL at year end was US$50.1mm, a reduction of US$11.8mm from September 2019, as the Company continued paying down the facility in accordance with its pre-defined payment schedule. Net cash was therefore US$39.3mm, or US$49.3mm inclusive of restricted cash. \n \n \n \n \n \n Jadestone is continuing to receive record crude oil price premiums above Brent, with the most recent Montara lifting agreed at US$7.60/bbl and Stag agreed at US$2...