Lonestar Resources Limited
(ASX:LNR) has spruiked a robust financial position while providing an operational and guidance update in light of recent oil price declines.
The oil and gas company has decided to moderate its near term drilling activity to ensure its drilling budget over next year will be covered by operating cash flows.
Lonestar Resources says it also sees continued growth while having initiated several opportunities to generate significant cost savings in its operations.
CEO Frank D Bracken says shareholders can expect to benefit from growing cash flows and reserves as the company maintains well-hedged forward revenues and a strong balance sheet.
Lonestar Resources reported a net loss of $2 million in the first half of the 2014 calendar year.
