Jadestone Energy Results for 6 Months to Sep 2017
Singapore (FSCwire) - Jadestone Energy Inc. (TSXV:"JSE") ("Jadestone" or the "Company"), formerly Mitra Energy Inc., reported today its condensed consolidated interim unaudited financial results for the six months ended September 30, 2017.
Highlights
· Positive gross profit for the September quarter, a first for the Company, of US$2.9 million, increased from nil in the same quarter a year ago, when the Company was without any production;
· Positive cash flow generated from operations, a first for the Company: US$1.2 million prior to changes in working capital, or US$1.9 million after changes in working capital, a turnaround of US$5.4 million from the net cash outflow of US$3.5 million in the same quarter a year ago;
· Total liquids production of 348,220 bbls for the quarter from the Stag Oilfield and from the Ogan Komering PSC, and natural gas production of 276,736 mmbtu from Ogan Komering, for a total average production of 4,286 boe/d (net working interest) for the quarter;
· Revenue of US$21.4 million arising from one crude oil lifting of 274,349 bbls from Stag on September 17, plus ongoing liquids and natural gas sales from Ogan Komering PSC;
· 20% reduction in the unit cost of operations at Stag compared to the prior quarter, excluding workovers, due to the absence of non-recurring items associated with handover of operatorship to Jadestone, a focus on efficient operations, and the increase in production;
· Solid financial liquidity including US$19.6 million cash at bank, positive free cash flow generating production at Stag and Ogan Komering, even at low oil prices, and the US$28.0 million convertible bond of which US$13.0 million remains undrawn.
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Source: Jadestone Energy Inc. (TSX Venture:JSE)
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