Jadestone Energy Results for 6 Months to Sep. 2017

SINGAPORE, SINGAPORE / ACCESSWIRE / November 28, 2017 / Jadestone Energy Inc. (TSX-V: 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.

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