Jadestone Energy PLC on Monday said it is on track to achieve its 2024 production guidance, driven by a strong contribution from its Akatara gas development in Indonesia.

The Asia-Pacific-focused energy company said it expects to deliver an average production of around 18,500 barrels of oil equivalent per day for the year, marking a 30% increase compared to 2023 and an annual record for the firm.

Jadestone noted that group production exceeded 25,000 barrels per day when Akatara delivered sales gas at contractual levels. The asset successfully completed commissioning in December and transitioned to operations, contributing significantly to the company’s output.

Executive Chair Adel Chaouch said: ‘Akatara’s initial performance has been encouraging, with high facility uptime and consistent gas demand. Our focus is now on safely maintaining high uptime levels at Akatara, which in turn will generate significant cashflow for Jadestone and benefit both the local and national economies in Sumatra and Indonesia.’

‘Beyond Akatara, the performance of Jadestone’s producing portfolio in 2024 has demonstrated the benefits of the company’s diversification initiatives in recent years. We are now much more resilient as a result,’ Chaouch added.

Jadestone highlighted steady performance across its portfolio, including the CWLH asset offshore Australia and projects in Malaysia and Thailand. The company also noted operational improvements at its Montara asset, where facility upgrades have bolstered production reliability.

The company reaffirmed its focus on operational excellence, financial discipline, and advancing growth initiatives, including gas commercialization in Vietnam and reactivating fields in Malaysia.

Shares in Jadestone were down 0.1% to 24.38 pence in London on Monday morning.

Copyright 2024 Alliance News Ltd. All Rights reserved.