Jadestone Energy PLC on Monday said revenue more than doubled in the first half of 2024, thanks to increased oil production as new assets made full contributions.

Jadestone is an independent upstream company focused on the Asia-Pacific region. It has a portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam.

Net revenue after hedging losses rose to $185 million in the six months that ended June 30 from $86.7 million a year before.

Jadestone reported a 37% increase in production for the first half to 16,867 barrels of oil equivalent per day from 12,339 a year before. The company got higher production from PenMal following a recent drilling campaign, which the half also saw full periods of production from the Sinphuhorm and Montara developments.

During the recent six month, Jadestone’s Akatara gas development project onshore Indonesia achieved mechanical completion. All components and systems of the facility have now been constructed, installed and tested, and exports are expected to commence imminently.

Despite record production figures in the first half, Jadestone lowered its 2024 guidance to 18,500 to 21,000 barrels of oil equivalent per day from 20,000 to 22,000. It attributed this to weather and delayed sales.

Chief Executive Officer Paul Blakely commented: ‘We are starting to see solid growth feeding into the business and anticipate that the significant increases in production and revenue, coupled with flat production costs, will result in improving financial performance for the first half of 2024. We also expect that the second half will be even stronger, with Akatara capex behind us and production from this new, low cost, onshore asset ramping up in the coming weeks’.

Jadestone shares were down 3.1% to 31.49 pence per share in London on Monday morning.

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