Business
Trading update for half-year ending 30 June 2023
Trading update for half-year ending 30 June 2023.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n\n\n\nTrading update for the half-year ending 30 June 2023\n \n20 July 2023 - Singapore: Jadestone Energy plc (\"Jadestone\", the \"Group\" or the \"Company\"), an independent oil and gas production company focused on the Asia-Pacific region, provides a trading update for the half-year ending 30 June 2023. The financial information in this update has not been audited and may be subject to further review. Jadestone intends to announce its half-year 2023 unaudited results in September 2023.\n \nHighlights\n \n· 2023 Group production, underlying operating cost[1] and capital expenditure guidance reaffirmed.\n· The Akatara gas development project in Indonesia is 42% complete and remains on plan, budget and schedule for first gas in H1 2024.\n· East Belumut infill drilling campaign offshore Malaysia on schedule to commence in August 2023.\n \nPaul Blakeley, President and CEO commented:\n \n\"After a challenging period, we consider mid-year 2023 to be an inflection point for Jadestone as we start to rebuild shareholder confidence in our investment case and operational delivery. We are benefiting from much greater and more diversified production streams, with the potential to return to a net cash position as early as end-2024. \n \nOur first-half 2023 performance reflects Montara production being shut in until late-March 2023 and a softening in oil realisations year-on-year, driven by lower Brent prices. Montara is producing in line with expectations, with work continuing on the tank inspection and repair programme to increase storage capacity offshore and to reduce temporary logistics costs back to normal levels. Our financial position has been significantly strengthened following the closing of the RBL in May and the additional funding transactions in June, and we are focused on delivering to our guidance. The Akatara development project, now 42% complete, remains on schedule and budget and we are preparing for our first infill drilling campaign in Malaysia, which we expect to commence in late-August. These are important steps for near-term growth, and we are confident that their successful execution will narrow the current significant discount to fair value, which is a key priority.\" \n \nH1 2023 Operating P...