Jadestone Energy Announces H2 2018 Commodity Hedge
Singapore (FSCwire) - Jadestone Energy Inc. (TSXV: JSE) (the "Company" or "Jadestone") announces that it has entered into an additional commodity hedge with BP Singapore Pte Limited. Under this arrangement, the Company has agreed to hedge a total of 350,000 bbls of crude oil production over the period July 1, 2018 to December 31, 2018 (1,902 bbls/d), using Brent ICE crude as the commodity reference price, and at a fixed price of US$65.00.
This volume is in addition to the previously announced 350,000 bbls of crude oil hedged over the period January 2, 2018 to June 30, 2018, and like that agreement, represents approximately 59% of the mid-point of Jadestone's target Stag production for H2 2017 of 3,000 to 3,500 bbls/d and approximately 42% of the mid-point of Jadestone's target total production for H2 2017 of 4,300 to 4,800 boe/d.
"This Brent based swap provides connectivity to the previously announced hedge, and helps ensure we will achieve strong returns on our oil production throughout the full year 2018, in line with the objectives we set when we acquired our producing assets Stag and Ogan Komering," said Paul Blakeley, Jadestone's Chief Executive Officer. "The forward price curve for Brent oil provides a good opportunity to protect our Balance Sheet through hedging, at a time when the market is bullish on price. A little over half of our total expected oil production remains exposed to potential upside should prices trend higher over the year."
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For further information, please contact:
Media and General Enquiries
Email: contact@jadestone-energy.com
Phone: +65 6342 0359
Investor Enquiries
Email: IR@jadestone-energy.com
Phone: +1 (403) 975 6752
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Source: Jadestone Energy Inc. (TSX Venture:JSE)
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