Jadestone Energy announces trading and business update
01 Feb 2021
Jadestone Energy, an independent oil and gas production company focused on the Asia Pacific region, has provided a trading and business update for the year ended December 31, 2020.
Paul Blakeley, President and CEO commented: Early in 2020, we responded to the combined impact of a drop in benchmark oil prices and the challenges posed by the COVID-19 pandemic. Our primary focus was to preserve our balance sheet in the face of enormous uncertainty, with an oil price that fell below US$20/bbl, and not to be driven by short term targets. We were quick in rescheduling capital investments with an eye on protecting project returns by deferring spending into a stronger price environment, and we were aggressive in challenging our cost base to ensure maximum efficiency across the portfolio.
United Oil and Gas announces FY 2020 trading update and guidance for FY 2021
01 Feb 2021
United Oil & Gas has issued a trading update for the full year 2020 and guidance for 2021. This is in advance of the Group s Full Year Results which are expected to be released in the second half of April 2021. The information contained herein has not been audited and may be subject to further review and amendment.
United Chief Executive Officer, Brian Larkin commented: 2020 was a successful year for United, delivering an excellent operational and financial performance, despite a challenging commodity price environment and the global pandemic. We successfully integrated our Egyptian assets, delivering average 2020 working interest production of 2,195 boepd, creating revenue of c. $9.0 to $9.2m (net of government take) for the ten months since completion of the acquisition.
UK: Baron Oil provides UK Licence P2478 update
01 Feb 2021
P2478 in the United Kingdom, further to the Company s announcements of
The exclusivity period for the work sharing agreement for licence P2478, Inner Moray Firth with a large European E&P Company, signed in April 2020 and extended in October 2020 at the request of the Interested Party, was completed on 31 January 2021. As agreed, the Interested Party s regional technical studies including the area of the P2478 licence have been presented to the Joint Venture partners
Corallian Energy, Upland Resources and
Baron (the JV ). The exclusivity period has therefore ended, although the confidentiality period between the JV and Interested Party continues.