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(Alliance News) - Jadestone Energy Inc on Thursday reported doubled quarterly revenue as production from the Montara field offshore northern Australia ramps up.
Singapore-based Jadestone booked USD62.5 million of revenue for the three months to September, its third quarter, nearly double the USD32.7 million the year before.
This came as production climbed to 1.2 million barrels of oil equivalent, nearly four times the 306,100 barrels a year prior. Oil equivalent sales were double, at 891,600 barrels, though the price realised did dip 16%.
The USD62.5 million revenue figure was 46% lower than the second quarter, however, due to one less lifting from Montara, which happened in October after the quarter's end.
Production was 2% lower than the second quarter due to planned downtime for maintenance work, and Jadestone said it is on track to meet 2019 production guidance of 13,500 barrels to 14,500 barrels of oil equivalent per day.
"I'm pleased to report Jadestone's third-quarter 2019 results, with steady and safe production operations, slightly impacted by both the riserless light well intervention programme and the umbilical replacement at Montara," said Chief Executive Paul Blakeley.
"The quarter's financial results were also impacted by crude liftings schedules which saw an inventory build of over 300,000 barrels from the previous quarter, and a delayed cash receipt for one lifting in the quarter."
"The ongoing cash generation of the business is strong, our balance sheet is improving with each quarter, and we're increasingly cash positive, just 14 months after closing our acquisition of Montara," Blakeley said.
Shares in the company were 4.3% lower on Thursday morning in London at a price of 70.82 pence each.
By George Collard; georgecollard@alliancenews.com
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