Jadestone Energy PLC on Monday said it swung to an annual loss as lower prices hurt revenue, and it also lowered its production guidance for 2024.
The oil and gas company focused on the Asia-Pacific region swung to a pretax loss of $102.8 million in 2023 from a $63.2 million profit the year before.
Revenue dropped 27% to $309.2 million from $421.6 million a year ago, due to a 16% decrease in realised prices, combined with lower lifted volumes, Jadestone Energy said.
However, production increased by 20% to 13,813 barrels of oil equivalent per day from 11,487 the year before, which Jadestone said was thanks to a full year of production from its CWLH assets offshore Australia.
Jadestone did not declare a dividend for 2023. It had paid a 0.65 US cents interim dividend for 2022.
Looking ahead, Jadestone narrowed its production guidance for 2024 to between 20,000 and 22,000 barrels of oil equivalent per day from 20,000 to 23,000.
‘The change to the upper end of guidance reflects first quarter group production performance, which was impacted by both planned and unplanned downtime across the portfolio,’ Jadestone explained.
Chief Executive Officer Paul Blakeley said: ‘2023 was a pivotal year for Jadestone, as we continued the deliberate move away from our older legacy assets in Australia towards newer and higher-value, higher-margin assets across the Asia-Pacific region.
‘During the year we achieved a number of operational and strategic milestones, including significant progress toward first gas at Akatara, a very successful infill drilling campaign offshore Malaysia and 164% replacement of 2P reserves.’
Shares in Jadestone were down 3.4% at 27.28 pence each in London on Monday morning.
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