Business
Results for the Period Ending September 30, 2018
Results for the Period Ending September 30, 2018.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7312I Jadestone Energy Inc. 28 November 2018 \n\n\n \nJadestone Energy \nResults for the Period Ending September 30, 2018\n \nNovember 28, 2018-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 condensed consolidated interim unaudited financial results for the three and nine months ended September 30, 2018. \n \nThird quarter highlights\n \nOperational\n● Completed a transformational inorganic acquisition delivering material cashflow, reserves and production. The Montara Assets acquisition was completed on September 28, 2018 from certain subsidiaries of PTT Exploration and Production pcl (\"PTTEP\") adding 28.2 mmbbls of 2P reserves, as of January 2018, for a net cash consideration of US$133.1mm, after receipt from PTTEP of US$75.5mm of cash at closing, and other customary working capital adjustments;\n \n● Successfully completed an over-subscribed placing and admitted for trading on the AIM Market of the London Stock Exchange. The Company issued 239.7mm new common shares on August 8, 2018, raising gross proceeds of approximately £83.9mm;\n \n● Secured access to senior debt financing at LIBOR + 3%. Jadestone entered into a reserve-based loan (\"RBL\") agreement on August 2, 2018 borrowing US$120.0mm and, at the same time, simplified its balance sheet by redeeming the 2016 convertible bond facility for US$17.4mm;\n \n● Hedged half of Montara's production for two years at an average price of $72/bbl. The Company entered into a capped swap covering the first 24 months of Montara's planned 2PD production, at swap prices significantly above current spot oil prices (US$78.26/bbl for Q4 2018, US$71.72/bbl for 2019, and US$68.45/bbl for the first three quarters of 2020). Additionally, approximately two thirds of the swapped barrels in 2019 and 2020 have upside price participation via purchased calls with strike prices set at US$80/bbl for 2019 and US$85/bbl for 2020; \n \n● Achieved 100% facility uptime at Stag. Production operations at Stag continued safely throughout the third quarter, reac...