Jadestone Energy ends 2024 with record output rate
By Benjamin Chiou
Date: Monday 20 Jan 2025
(Sharecast News) - Asia Pacific-focused oil group Jadestone Energy has announced that it exited 2024 at a record production rate of 24,000 barrels of oil equivalents per day (boe/d).
The company, which has a portfolio of assets across Australia, Malaysia, Indonesia, Thailand and Vietnam, said production towards the end of last year was helped by several factors, such as the stabilisation of operations at the Akatara project in Indonesia and a good performance from its Australian projects Montara and CWLH.
Production for the year average 18,700 boe/d, an annual record for the company and 35% ahead of 2023, while the exit rate of 24,000 boe/d was 40% ahead of the start of the year.
"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," said executive chair Adel Chaouch.
"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."
Jadestone said it would provide guidance for 2025 in a trading update next month.
Shares were 2.3% higher at 26.19p by 1150 GMT.
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