Business
Results for the Period Ending March 31, 2019
Results for the Period Ending March 31, 2019.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4344A Jadestone Energy Inc. 29 May 2019 \n\nJadestone Energy Inc.\n \nJadestone Energy Results for the Period Ending March 31, 2019\nStrong Production Growth, Cash Flow Generation, and Profitability\n \nMay 29, 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 Q1 consolidated interim unaudited financial statements (the \"Financial Statements\"), as at and for the three-month period ended March 31, 2019.\n \nFinancial highlights\n \n· Net revenue during the first quarter of US$56.4mm, 25% higher than Q4 2018, a second consecutive quarterly record for the Company, and nearly three times Q1 2018; \n· Average price realisations of US$67.59/bbl, virtually unchanged from US$67.51/bbl in the December quarter, and increased 7% from the same quarter in 2018. Realised price reflects an average premium to Brent of US$3.56/bbl; \n· Operating costs of US$23.75/bbl, excluding non-routine opex and Stag workovers, decreased by 18% from the prior quarter, and decreased 32% from the same quarter in 2018; \n· US$22mm purchase price adjustment from the Montara seller, in connection with the Montara maintenance and inspection shutdown in Q4 2018, and effected via an abatement of cash calls resulted in a cash opex cost of around US$16/bbl for the quarter;\n· Positive net cash generated from operations of US$36.7mm before changes in working capital, versus a US$6.3mm cash outflow in Q4 2018, before changes in working capital, and a US$0.5mm cash inflow in Q1 2018 like-for-like;\n· Profit after tax of US$8.4mm, compared to a loss of US$6.6mm in the prior quarter, and a loss of US$16.6mm in Q1 2018; the first ever quarter of substantive positive after-tax profit for the Company;\n· Gross debt of US$86.6mm, reduced from US$101.8mm at end December 2018, as the Company continues to pay down its reserve-based lending facility; and\n· Gross cash and bank balances of US$74.8mm, excluding the US$10.0mm cash deposited in support of a bank guarantee, resu...