Business
Results for the Period Ending June 30, 2019
Results for the Period Ending June 30, 2019.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2297K Jadestone Energy Inc. 27 August 2019 \n\nJadestone Energy Inc.\n \nJadestone Energy Results for the Period Ending June 30, 2019\nRecord second quarter cash from operations and almost US$100 million cash from operations in the first six months of 2019\n \nAugust 27, 2019-Singapore: Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (\"Jadestone\" or the \"Company\"), an independent oil and gas production company focused on the Asia Pacific region, reported today its consolidated interim unaudited results, as at and for the three-month and six-month period ended June 30, 2019.\n \nFinancial highlights\n \n· Net revenue during the second quarter of US$115.3mm, more than double Q1 2019 and nearly seven times Q2 2018. Net revenue for the six-month period to June 30, 2019 was US$171.7mm compared to US$35.8mm for H1 2018;\n· Positive cash generated from operations of US$59.3mm, before changes in working capital, interest and taxes, in Q2 2019, a more than 60% jump on Q1 2019 cash from operations of US$36.7mm, and compared to US$0.1mm for the same quarter a year ago. Cash generated from operations over the six-month period to June 30, 2019 was US$96.4mm compared to a net outflow of US$0.3mm for H1 2018;\n· Average price realisations of US$71.70/bbl, an increase of 6% over Q1 2019. Differentials at Montara and Stag continue to improve, with the latest liftings achieving total differentials to Dated Brent of US$4.32/bbl and US$10.60/bbl respectively;\n· Operating costs of US$21.74/bbl, excluding non-routine opex, including the Montara riserless light well intervention (\"RLWI\"), decreased by 9% from the prior quarter of US$23.75/bbl, and down 34% from the same quarter a year ago of US$32.70/boe;\n· Quarterly profit after tax of US$22.6mm, nearly a three-fold increase over Q1 2019 profit of US$8.4mm, and versus a loss of US$4.9mm in Q2 2018. Profit after tax for the six-month period to June 30, 2019 was US$30.9mm, compared to a loss of US$21.5mm for H1 2018;\n· Gross debt of US$73.4mm, reduced from US$86.6mm at end March 2019, as the Company continues to pay down its reserve-based lending facility; and\n· Gross cash and bank balances of US$66.4mm, exc...