Business
Trading update for half-year ended 30 June 2024
Trading update for half-year ended 30 June 2024.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\n\n\nTrading update for the half-year ended 30 June 2024\n \n29 July 2024 - Singapore: Jadestone Energy plc (\"Jadestone\", the \"Group\" or the \"Company\"), an independent upstream company focused on the Asia-Pacific region, provides a trading update for the half-year ended 30 June 2024. The financial information in this update has not been audited and may be subject to further review and change.\n \nKey updates\n \nl Akatara mechanical completion and gas-in achieved in June 2024. The export pipeline from the field has been successfully filled with on spec sales gas, with exports into the regional trunkline expected to commence imminently.\nl Record H1 2024 Group production averaged 16,867 boe/d, higher than any prior six-month period and representing 37% growth on H1 2023.\nl H1 2024 oil liftings more than doubled year-on-year, driving a 131% increase in proceeds from liftings to US$200.5 million. After reflecting hedging losses of US$15.4 million, revenues for H1 2024 totalled US$185.1 million.\nl H1 2024 total production costs were flat compared to H1 2023, despite production increasing 37%, with increased CWLH opex as a result of the CWLH 2 acquisition offset by lower spend year-on-year at the non-producing SFA Cluster assets, Montara and Stag.\nl Net debt of c.US$72.7 million and available liquidity of c.US$151.0 million at 30 June 2024 (net debt of US$3.6 million at 31 December 2023).\nl Closed the CWLH 2 acquisition in February 2024, increasing the Company's interest to 33.33% in an outperforming asset. The final CWLH 2 Abandonment Trust Fund payment has reduced from US$37 million to c.US$19 million, to be paid on or before 31 December 2024.\nl Award of the SFA Cluster PSC offshore Peninsular Malaysia in July 2024, adding another potentially significant growth opportunity to the Company's portfolio.\n \nGuidance\n \nl While Jadestone continues to see Group production for 2024 at c.20,000 boe/d, the annual production guidance range is adjusted to 18.5-21,000 boe/d, from 20-22,000 boe/d, reflecting year-to-date production after significant Q1 2024 weather impacts, and the revised timing of the start of Akatara commercial sales. The lower end of the range also incorporates a conservative assumption on Akatara production in the early stages of the processing facility's operating life, and a range...