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Jadestone Energy PLC on Thursday saw its shares climb higher as it reported record production levels in the first half of the year. Shares in Jadestone rose 8.9% to 21.50 pence late on Thursday afternoon in London. The Asia-Pacific focused production and development company said revenue (post-hedging) in the first half of 2025 improved 23% to $228.2 million from $185.1 million a year earlier. However, the average realised price for oil liftings was down 13% at $77.45 per barrel from $88.73/bbl, owing to a decrease in the underlying Brent benchmark during the period. Production levels reached record levels, said Jadestone Energy, rising 21% to 20,368 barrels of oil equivalent per day, up from 16,867 boe/d. ‘I am pleased to report on a strong first half of 2025, where we delivered on the commitments we set out at the end of 2024,’ said Executive Chair Adel Chaouch. Owing to the improved production levels, Jadestone decided to lift its full-year production guidance to 19,500 to 21,500boe/d from its previous range of 18,000 to 21,000boe/d. Further, it improved its 2025 operating cost range to between $240 million and $280 million, from $250 million to $300 million previously. It tied this decision to its strong focus on cost control during interim trading. Jadestone also revised its capital expenditure guidance to between $105 million and $115 million from $75 million to $90 million, owing to its expectation that the cost of the Skua-11ST drilling program will exceed expectations. Jadestone kept its 2025 to 2027 free cash flow guidance, pre debt servicing, unaltered at $270 million to $360 million. ‘We have upgraded production guidance and reduced operating cost guidance, which are a strong reflection of our ongoing work to optimise the value of our existing assets, and in turn will positively impact our 2025 cash generation,’ said Chief Executive Thomas Little. ‘Through the combined benefits from these efforts, we fully expect to mitigate the increase in our 2025 capex guidance, which is revised today due to the previously disclosed one-off increase in the Skua-11ST well cost.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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