AIM-listed Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, has announced that Group production exited (1) 2024 at c.24,000 boe/d, a monthly record for the Group and an increase of c.40% compared to January 2024.
Production performance into year-end 2024 benefitted from several factors, including stabilisation of operations at the Akatara project in Indonesia, good uptime and subsurface performance at Montara and continued outperformance at the CWLH asset. There was also the continued positive impact of the Malaysia drilling campaign in late 2023 and elevated gas demand in northern Thailand supporting higher Sinphuhorm output. Stag production also increased into the year-end, benefitting from successful recent workover activity.
Production for 2024 is estimated to have averaged c.18,700 boe/d, in line with guidance and an annual record for the Group, representing c.35% production growth year-on-year. This was achieved with an excellent HSE performance, zero major environmental events and over 10 million manhours worked in aggregate at the Company’s Indonesia and Malaysia operations without a lost-time injury.
Jadestone intends to issue a trading statement in February 2025 in respect of its 2024 operational and financial performance, which will also include 2025 guidance.
Adel Chaouch, Executive Chairman of Jadestone, commented:
'Jadestone’s portfolio performed strongly into the end of 2024, boosted by the onset of sustainable production from the Akatara project and showcasing the increasing diversification and resilience of our business. This delivered record results for monthly, year-end exit rate and annual production. Our focus during 2025 will be to build on this strong performance through maximising uptime levels across the asset base and mitigating portfolio natural decline.'
Source: Jadestone Energy
