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Jadestone Energy PLC on Tuesday said its loss widened in 2025, despite higher revenue, as it took a $126.0 million impairment on oil and gas properties. The Singapore-based oil and gas company said its pretax loss widened to $133.7 million in 2025 from $43.4 million a year earlier. Revenue grew 3.3% to $408.1 million from $395.0 million, but Jadestone reported a $126.0 million impairment of oil and gas properties for the year, compared to none in 2024. The charge relates to the impairment of oil and gas properties at Montara in Australia and Stag, amounting to $61.2 million and $64.8 million respectively. ‘Jadestone’s improved operational performance and cash flow generation in 2025 reflect the organization’s hard work and relentless focus on the operational excellence and cost discipline principles which have been instilled under the leadership of our refreshed management team,’ said Chief Executive Officer T Mitch Little. ‘However, our financial results were impacted by the previously disclosed impairment, which was the main driver of a loss after tax for the year. Protecting the base business will remain a key focus for the group, as we work to return to sustainable profits and maximize cash generation to support our future growth ambitions.’ Jadestone said it had an ‘excellent’ operating performance in the first quarter of 2026, but warned that the second quarter has started with some operational headwinds. This follows Cyclone Narelle, one of the strongest storms to pass through offshore Western Australia in recorded history. Jadestone said the full impact of the storm is still being assessed, but will likely result in the Stag field remaining offline until the fourth quarter of this year. The firm said it has appropriate insurance in place, both for physical damage and business interruption. The CEO added: ‘Recent events in the Middle East continue to highlight the strategic value of a diversified portfolio of upstream assets in the Asia-Pacific region - reinforcing our long-standing corporate strategy. We remain geared towards Brent oil price strength, seeing realised prices for our oil sales increase significantly in recent months, with a positive impact on our financial performance.’ Jadestone said production in 2026 to the end of April has averaged around 16,300 barrels of oil equivalent per day. The firm left its 2026 production guidance of between 18,000 boepd and 21,000 boepd unchanged, pending ‘further clarity’ on the restoration of production from the Stag. However, Jadestone warned that an outcome in the lower half of the range is most likely. Total production cost guidance was left unchanged between $260 million and $300 million, with capital expenditure guidance maintained between $50 million and $80 million. ‘Based on information currently available, Jadestone does not expect the Stag shut-in to have a material financial impact on the group’s current year or longer-term cashflow projections,’ it added. It did not declare any dividend for 2025, unchanged from the year before. Shares in Jadestone Energy were up 1.6% at 32.00 pence on Tuesday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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