Business
2023 Guidance, 2022 Reserves & Notice of Results
2023 Guidance, 2022 Reserves & Notice of Results.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2023 Guidance, Year-End 2022 Reserves and Notice of Results\n \n \n \n \n \n \n \n \n 13\n April\n \n 2023 - Singapore:\n \n Jadestone Energy plc (\"Jadestone\" or the \"Company\"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce 2023 operational and financial guidance, year-end 2022 reserves and notification of its full-year 2022 results.\n \n \n \n \n \n \n Paul Blakeley, President and CEO commented:\n \n \n \n \n \n \n \"In the first quarter of 2023, production has been impacted by the tank repair and planned maintenance activities at Montara, resulting in an average of just over 10,000 boe/d in the quarter. Our guidance for the remaining nine months of the year is 13,500 - 17,000 boe/d, reflecting a return to routine operations at Montara and the inclusion of Sinphuhorm. The midpoint of guidance represents 33% growth over 2022 and 22% over 2021, the latter being the most recent year of full Montara production.\n \n \n \n \n \n \n \n \n The Malaysia infill well campaign in the second half of 2023, and the addition of Akatara production commencing during the first half of next year, should add a further 5,000 boe/d which, when compared to the 2023 mid-point, represents another 33% increase. We also anticipate adding to this growth profile through our very active pipeline of M&A opportunities.\n \n \n \n \n \n \n \n \n \n Jadestone achieved a 45% year-on-year increase in 2P Reserves in 2022, delivering a near six-fold replacement of production during the year, demonstrating the success of our acquisition-led growth strategy and the quality of our asset base, particularly at the Akatara development, which underpins near-term production growth.\n \n \"\n \n \n \n \n \n \n 2023 Operational and Financial Guidance\n \n \n \n ·\n Production for the first three months of 2023 averaged just over 10,000 boe/d, reflecting tank repair and scheduled maintenance activities at Montara. Production for the nine months ending 31 December 2023 is expected to average 13,500-17,000 boe/d. The Company expects a c.85/15% split between oil/liquids and natural gas for 2023. \n \n \n ·\n Underlying operating costs[1] in 2023 are expected to total US$180-210 million. When adjuste...