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Jadestone Energy celebrates record annual oil production

Fri, 02nd Feb 2024 11:43

(Alliance News) - Jadestone Energy PLC on Wednesday said it expected the acquisition of a further CWLH 2 stake to complete in mid-February as oil production jumped last year.

The independent upstream energy company focused on the Asia-Pacific region said it had record production of 13,813 barrels of oil equivalent per day in 2023, up 20% from 11,487 in 2022.

Meanwhile, Jadestone's acquisition which will increase the company's non-operated working interest in the CWLH fields to 33.33% from 16.67% is set to complete in mid-February.

Chief Executive Officer Paul Blakeley said: "2024 is set to be a very important year of transition for Jadestone, with production expected to grow by around 55% year-on-year driven by first gas at Akatara, higher volumes from Malaysia and the completion of the CWLH 2 acquisition, all in turn adding significant diversification to our business."

Jadestone Energy shares were 0.7% higher at 26.42 pence each on Friday morning in London.

By Tom Budszus, Alliance News slot editor

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