Final Results RNS23 Apr 2020 10:18
All in all an excellent year, more so given the current situation.
Little extract from President/ CEO statement which really sums up how well they're doing and how lucky we are to have Paul at the helm.
Paul Blakeley, President and CEO commented:
"I'm very pleased to report a transformational year for Jadestone in 2019, though it may well be overshadowed by the extraordinary circumstances that the world finds itself in today. The global economy has been dealt a huge blow by the COVID-19 pandemic, with significant oil demand destruction, exacerbated by OPEC+ disarray, and a lack of storage, such that we envisage a prolonged impact on oil pricing for which we need to be prepared. So, while I would like to reinforce how the Jadestone business has moved forward with a threefold increase in revenue to US$325 million, as well as US$177 million of operating cashflow, it's also important to emphasize that we have elected to defer 80% of our capital spend this year, in order to protect the balance sheet. We recently announced the deferral of the Nam Du/U Minh gas project in Vietnam by 12 months, and yesterday we confirmed that the two infill wells which were to be drilled this year in Australia will now be pushed back to 2021