Jadestone Energy Revises Full-Year Production Guidance and Lowers Costs

Jadestone Energy has adjusted its full-year production guidance due to a temporary halt in production at an offshore field. The company now expects to produce between 13,500 and 15,000 oil-equivalent barrels per day. This revision is a result of the production shut-in at the Montara field offshore Australia, which lasted from July 29 to September 1.

It is anticipated that Jadestone Energy's underlying operating costs for the year will be at the lower end of the previously guided range of $180.0 million to $210.0 million. This is positive news for the company, suggesting effective cost management.

The company's financial performance in the first half of the year was impacted by a significant decrease in revenue, dropping from $225.6 million in the previous year to $86.7 million. As a result, Jadestone Energy recorded a pretax loss of $70.3 million, compared to a profit of $77.7 million previously.

Looking ahead, Chief Executive Paul Blakeley remains optimistic about the company's prospects. He expects a much-improved financial performance in the second half of 2023. Factors contributing to this positive outlook include the planned lifting schedule, recent acquisitions, and the current favorable oil prices.

Jadestone Energy has also revised its capital expenditure guidance, narrowing it down to a range of $110.0 million to $125.0 million, compared to the previous range of $110.0 million to $140.0 million.

Overall, Jadestone Energy is making strategic adjustments to its operations to optimize production and manage costs effectively. With an optimistic outlook and revised guidance, the company aims to achieve a stronger financial performance in the coming months.