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Jadestone Energy Inc. (AIM:JSE) reported its H1 2020 results amidst a challenging oil market. Production average was 12,116 bbls/d, down 8% year-on-year, with net revenue falling to US$115.7 million, down 33%. The company declared a maiden interim dividend of 0.54 US cents/share, totaling US$2.5 million. Despite reduced production guidance to 11,000-12,500 bbls/d, Jadestone achieved positive operating cash flows of US$57.1 million and doubled its net cash to US$78.3 million.
Jadestone Energy Inc. (AIM:JSE) has announced new offtake arrangements for its Stag oilfield, transitioning from the Dampier Spirit floating storage and offloading vessel to modern double-hulled tankers. This new strategy is expected to yield annual savings of 20% compared to the previous FSO operation, enhancing the value of the company's booked reserves. Jadestone has coordinated with Australian regulators to ensure compliance with safety and environmental regulations for the new model. The first tanker is scheduled to arrive in mid-September 2020.