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Jadestone Energy PLC - oil and gas production company focused on the Asia-Pacific region - Expects oil production in 2022 to fall annually following ongoing repairs of defects at an oil cargo tank and at a ballast water tank.
The company anticipates average daily production of at least 11,000 barrels of oil equivalent for 2022, down 12% from 12,545 boe in 2021, and at the lower end of its previously guided 11,000 boe to 13,000 boe.
Jadestone estimates 2022 repair costs of $4 million, at the higher end of its August estimate of $2 million to $4 million. The company says the oil cargo tank 2C hull defect has been removed and a "permanent" repair is complete, with some minor defects still to be addressed. The ballast water tank S4 defect at its bulkhead, detected in August, is also repaired, while several smaller defects of tank 4S are still under repair.
Current stock price: 79.00 pence, down 2.5% on Thursday afternoon in London
12-month change: down 6.0%
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