Canada’s Extractive Sector Transparency Measures Act (the “Act”), which came into force June 1, 2015, applies to Jadestone Energy Inc (the “Company”) as from the financial year ended March 31, 2017.
The Company prepares both a Schedule of Payments by Payee and a Schedule of Payments by Project (collectively, the “Schedules”), to provide information to the Minister of Natural Resources Canada and to the Directors of the Company, and to assist in meeting the financial reporting requirements of the Act.
The Schedules may not be suitable for any other purpose.
The Schedules have been prepared using the cash basis of accounting, as required by the Act’s financial reporting framework, and therefore exclude any accruals related to payments due to governments.
The Schedules include all cash payments made, without inclusion of cash inflows from a government. Where the Company makes a payment to a government that is net of credits from that government, the net payment amount has been presented.
The Company has reported all payments made by it, on its own behalf and in its role as operator, directly to the government on a gross basis. Amounts paid by third party operators have not been included in the Schedules.