Jadestone Energy swung to a net profit after reporting a 25% increase in first-quarter revenue from the previous quarter after ramping up production to record levels.

Profit after tax rose to $8.4m in the first quarter, compared to a loss of $6.6m in the prior quarter, and a loss of $16.6m in first quarter of 2018.

Net revenue during the first quarter grew 25% to $56.4m from the fourth quarter of last year and nearly three times that of the first quarter of last year.

Production during the first quarter averaged 14,449 barrels a day, 2.5x the prior quarter, and a record for the company.

The rise in revenue comes even as oil prices were roughly flat quarter-on-quarter at US$67.59 a barrel in the first quarter, compared with US$67.51 a barrel in the December quarter, though this represented an increase of 7% from the first quarter last year.

The company generated positive net cash from operations, before changes in working capital, of US$36.7m, versus a US$6.3m cash outflow in the fourth quarter of last year.

'I am very pleased to report Jadestone's Q1 2019 results, which include significantly higher production, strong cash flow generation, and a swing to profitability,; said Paul Blakeley, President and CEO.

'Our finances are in excellent shape and as we look to H2 2019, with newly-added production volumes from our Stag infill well, we expect to strengthen our balance sheet even further, while delivering a comprehensive capital programme which will see further increases in production.'

'Our guidance for 2019 remains very much in our sights. We also remain poised to tackle new investment opportunities consistent with our strategy when we identify them.'




At 9:21am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was +0.25p at 55.5p