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Oil and gas production company Jadestone Energy swung to a profit after revenue surged, led by higher production. The company also slashed its outlook on capex by 80% to protect its balance sheet.
For the year ended December 31, pre-tax profit more than trebled to US$73.m , compared to a net a loss of US$21.5m on-year and revenue rosed to US$325.4m from US$113.4m.
The company said it was on track to pay its maiden dividend later in 2020, with a targeted range of US$7.5-12.5m.
In a bid to further insulate the balance sheet in the wake of the Covid-19 pandemic, 2020 capital spending was cut by about 80% from US$30-to-35m.
The company said production for 2020 would be in the range of 12,000 to 14,000 barrels a day for the year, adjusted to reflect a re-scheduling of Australia's infill wells into 2021.
At 9:22am: (LON:JSE) Jadestone Energy INC share price was +6p at 43.5p