Business
2022 Half Year Results and Interim Dividend
2022 Half Year Results and Interim Dividend.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n \n Jadestone Energy\n \n \n \n \n 2022 Half Year Results and Interim Dividend Declaration\n \n \n \n \n \n \n \n \n \n 20 September 2022-Singapore:\n \n Jadestone Energy plc (AIM:JSE) (\"Jadestone\" or the \"Company\"), an independent oil and gas production company and its subsidiaries (the \"Group\"), focused on the Asia Pacific region, reports today its unaudited condensed consolidated interim financial statements, as at and for the six-month period ended 30 June 2022 (the \"financial statements\"). \n \n \n \n \n \n \n \n Management will host a conference call today at \n 9:00 a.m. UK time, details of which can be found in the release below.\n \n \n \n \n \n \n \n \n Paul Blakeley, President and CEO commented:\n \n \n \n \n \"Jadestone delivered record financial results in the first half of 2022, with production increasing by c.50% compared to the first half of 2021, driven by a full period contribution from the Malaysian assets acquired in August 2021 and the impact of the Montara drilling programme in the second half of 2021, albeit offset by an unplanned shutdown at Montara early in 2022 due to a compressor engine failure. Revenues and adjusted EBITDAX increased by 63% and 113% respectively, due to the increase in production volumes and higher realised oil prices. As a result, we ended the period with a net cash balance of US$161.6 million, an increase of almost 40% compared to year-end 2021. Jadestone remains debt free. \n \n \n \n \n \n \n \n \n \n Despite all this, recent operational performance at Montara has been disappointing, especially given the substantial upgrade and repair work done to date. As previously announced, the field is currently shut-in as we progress a remediation plan for the Montara Venture FPSO following defects identified earlier this year. The plan involves emptying, cleaning, inspecting and, where necessary, resolving any defects in the tanks and hull of the FPSO. In particular, we are moving ahead with the permanent repair of 2C crude oil cargo tank and 4S ballast tank whilst prioritising entry and activity in other tanks in preparation for operational readiness. As we focus on safety and integrity, this activity will continue until we can ensure a safe and reliable restart of the FPSO. In...