Jadestone to receive $17.2m from insurance settlement

Jadestone Energy announced on Tuesday that it was set to receive $17.2m as a result of an insurance settlement.

The AIM-traded oil and gas producer said it had entered into an agreement with its panel of insurers.

It said the agreement provided that it would receive $17.2m in cash from the settlement of an insurance claim, in respect of a well workover which took place in 2021.

“It is expected that the funds will be received during the fourth quarter of 2022,” the board of the Asia-Pacific focussed company said in its statement.

At 1515 BST, shares in Jadestone Energy were up 2.01% at 71p.

Reporting by Josh White at Sharecast.com.