20th May 2025 14:27
(Alliance News) - Jadestone Energy PLC on Tuesday announces healthy revenue and production growth, noting it closed the past year "on a very positive note."
The Asia-Pacific focused production and development company said pretax loss narrowed to USD43.4 million in 2024 from USD102.8 million in 2023.
Revenue climbed 28% to USD395.0 million from USD309.2 million.
Daily production improved 35% to 18,696 barrels of oil equivalent per day in 2024 from 13,813 boe/d in 2023.
Jadestone left all of its guidance metrics unchanged. The company said it continued to explore strategic acquisition opportunities to drive value and deliver growth.
Executive Chair Adel Chaouch said: "We closed 2024 on a very positive note, with the notable achievements of safely bringing Akatara onstream and doubling our interest in CWLH both contributing to our record production for the year, reducing unit operating expenses and enhancing the resilience of the group." CWLH stands for the Cossack, Wanaea, Lambert and Hermes oil field development offshore Australia.
He added: "Jadestone has a rare and compelling investment proposition. We have the skillset that covers both mid-life oil assets and greenfield gas developments, and a significant presence and platform to operate in three of the top five upstream producing countries in the Asia-Pacific region. We continue to actively look for opportunities to achieve the scale which is increasingly important in the oil and gas sector, but we will only allocate capital in a way that will be accretive to shareholders."
Jadestone shares rose 1.2% to 20.50 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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