May 14 (Reuters) - Cequence Energy Ltd CQE.TO :
* 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
* QTRLY TOTAL REVENUE $11.8 MILLION VERSUS $16.6 MILLION
* 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%