Jadestone Energy lowers FY production guidance, delivers record H1

29th Jul 2024 09:40

(Sharecast News) - Upstream company Jadestone Energy slightly lowered full-year production guidance on Monday despite delivering a record H1 performance.

Jadestone stated that while it continues to see annual group production at roughly 20,000 barrels of oil per day, the group lowered its FY guidance to 18,500-21,000 barrels of oil per day from 20,000-22,000.

The AIM-listed group said the drop was principally a result of "significant" weather impacts, and the revised timing of the start of commercial sales from its Akatara project.

"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 of potential downside scenarios across the portfolio," said Jadestone.

As far as H1 was concerned, Jadestone said group production had shot up 37% year-on-year to average 16,867 barrels of oil per day, higher than any prior six-month period in the company's history.

As of 0935 BST, Jadestone shares were down 4.62% at 31.0p.

Reporting by Iain Gilbert at Sharecast.com