Business
2023 Half Year Results
2023 Half Year Results.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\n \n2023 Half Year Results\n \n19 September 2023-Singapore: 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 its unaudited condensed consolidated interim financial statements, as at and for the six-month period ended 30 June 2023 (the \"financial statements\"). \n \nManagement will host a conference call at 9:00 a.m. UK time today, details of which can be found in the announcement below.\n \nKey updates:\n \nl Akatara development project on track to be 65% complete by end-September and remains on budget and schedule for first gas in H1 2024.\nl The first well in the four well East Belumut infill drilling programme offshore Malaysia has been drilled successfully and was brought onstream at 2,800 bbls/d gross, significantly ahead of expectations. The second well in the programme is now underway.\nl Montara production has averaged 6,250 bbls/d since early September, benefitting from the return to service of the second production separator and additional wells on the Montara field.\nl 2023 production guidance from April to December narrowed to 13,500 - 15,000 boe/d from (13,500 - 17,000 boe/d) reflecting year-to-date production trends and the recent one month shut in at Montara.\nl 2023 underlying operating costs guidance expected to come in at lower end of US$180.0 - 210.0 million range, reflecting year-to-date trends and close monitoring of activity levels.\nl 2023 capital expenditure guidance is narrowed to US$110.0 - 125.0 million, (from US$110.0 - 140.0 million), primarily reflecting the Akatara development project and East Belumut drilling being on budget.\nl US$59.9 million loss after tax for the first half of 2023, consistent with earlier disclosures and reflective of Montara being shut in to late-March 2023 and the subsequent impact on first half liftings.\nl Net cash of US$7.8 million at 30 June 2023 reflects c.US$118.8 million of consolidated Group cash balances and US$111.0 million of debt drawn at 30 June 2023 under the Group's reserves-based lending (\"RBL\") facility. \n \nPaul Blakeley, President and CEO commented:\n \n\"The first half of 2023 was impacted by the ongoing shut-in of Montara until late Mar...