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Jadestone Energy books loss after Vietnam writedowns

By BFN News | 01:58 PM | Tuesday 28 August, 2018


Oil and gas producer Jadestone Energy booked a $19.8m first-half loss after it wrote down the value of its Vietnamese exploration assets. Pre-tax losses narrowed from a $29.7m loss on-year, as revenue rose 6.6% to $34.5m. Production costs fell by around a third to $23.5m, but the company booked impairments of $11.9m. 'I am pleased with the performance of our turn-around team in conducting major maintenance work at Stag in late April, which included planned production vessel repairs and integrity-focussed inspection work,' chief executive Paul Blakeley said. 'While the downtime resulted in deferring production of 38,000 barrels into the third quarter, the positive impact of our operating philosophy on facility uptime has more than offset the deferral, meaning we are still able to show quarter-on-quarter growth from Stag and generate positive cash from operations.' 'With the maintenance turnaround behind us, and the next one not expected until 2022, I am increasingly confident that Stag will remain a safe and predictable source of cash flow and value creation.' Story provided by StockMarketWire.com

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