May 15, 2020 / 1:24 AM / 14 days ago

BRIEF-Cequence Energy Reports Quarterly Net Loss Of $2.66

May 14 (Reuters) - Cequence Energy Ltd:

* CEQUENCE ENERGY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

* PRODUCTION WAS 5,669 BOE/D FOR THREE MONTHS ENDED MARCH 31, 2020 COMPARED TO 5,964 BOE/D FOR SAME PERIOD IN 2019

* COMPANY IS NOT PROVIDING AN OUTLOOK FOR 2020

* COMPANY INCURRED A NON-CASH IMPAIRMENT CHARGE OF $109.9 MILLION FOR THREE MONTHS ENDED MARCH 31, 2020

* QTRLY NET LOSS - BASIC AND DILUTED $2.66

* IMPAIRMENT CHARGE DOES NOT IMPACT COMPANY’S FUNDS FLOW

* QTRLY FFO $0.02

* CEQUENCE ENERGY - HAS SHUT IN ABOUT 1,050 BOE/D OF UNECONOMIC PRODUCTION AS AT APRIL 30; EXPECTS TO REALIZE ABOUT $5.0 MILLION IN COST REDUCTIONS IN 2020

* CEQUENCE ENERGY-IN RESPONSE TO DECLINING CASHFLOWS AND CRUDE OIL PRICES, CO SUSPENDED BONUS PLANS AND BOARD FEES WERE REDUCED BY 50% Source text for Eikon: Further company coverage:

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