IN BRIEF: Jadestone Energy On Track To Reach Annual Production Target

Jadestone Energy Inc - Asia Pacific-focused oil and gas company - Group production from January 1 ...

Alliance News 4 December, 2020 | 8:55PM
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Jadestone Energy Inc - Asia Pacific-focused oil and gas company - Group production from January 1 to November 30, averaged 11,356 barrels of oil per day. Remains on track to deliver full-year production guidance of 11,000 to 12,500 barrels per day. Has gross cash and bank balances of USD100.2 million as of November 30, versus USD99.4 million at December 31, 2019 as a result of continued profitable production throughout the year.

"We continue to make progress on our inorganic growth endeavours, notwithstanding the additional challenges of the ongoing impact of the Covid-19 pandemic, as well as the recent New Zealand general election in the case of the Maari acquisition. As a result, we do not anticipate closing Maari in 2020, and have pushed it back to H1 2021. The seller remains fully supportive of the transaction and we have extended the long stop date to April 30, 2021, to provide additional time to close. Meanwhile, the Indonesia Lemang acquisition is progressing as planned, with Indonesian government approvals granted, as expected," says Chief Executive Paul Blakeley.

Current stock price: 56.00 pence

Year-to-date change: down 39%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Jadestone Energy Inc 73.00 GBX -0.68 -

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