Jadestone Energy reports 2020 Full Year Results
AIM-listed Jadestone Energy, an independent oil and gas production company and its subsidiaries, focused on the Asia Pacific region, rhas reported its audited consolidated financial statements, as at and for the financial year ended 31 December 2020, and announced its intended final dividend. Management will host a conference call today at 9:00 a.m. UK time, details of which can be found in the release below.
Paul Blakeley, President and CEO commented:
‘In 2020, the Jadestone business delivered strong operating cash flow, declared its maiden dividend, acquired a near-term gas development asset in Indonesia, and exited the year with double the net cash it had at the beginning of January.
‘This was accomplished against an external environment that tested the resilience of our business model, and indeed for some of our peers in the industry, challenged their very existence. Through a mix of well-timed hedging gains, rapid adjustments to our spending plans and a hard interrogation of our cost base, we successfully protected our balance sheet while rephasing production growth to coincide with a higher price environment. At the same time, we maintained our steadfast commitment to our principles of environmental stewardship, social responsibility, and high governance standards, and have recorded no major incidents on any of these fronts.
‘Our balance sheet has grown stronger still in 2021. We are generating higher unit cash flows as benchmark oil prices have recovered and pricing premiums remain strong. Also, as planned, we have now fully repaid our reserves based loan, being completely debt free as of the end of Q1 2021. We are continuing in our pursuit of constant improvement across the business, and continue to find opportunities for greater efficiency in addition to having locked in 25% of the cash flow savings we implemented in 2020 through Project Clover.
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