Jadestone Swings to Profit in Q1

Singapore-headquartered Jadestone Energy has reported a profit after tax of US$8.4mn in the three months to March (Q12019) as against a loss of US$16.6mn in the same quarter of previous year, it said May 29.

Revenue during Q1 was US$56.4m, nearly three times Q1 of previous year, it said. Compared with the previous quarter, revenue was up 25%. Company's production during Q1 was 1.2mn barrels of oil equivalent compared with 369,100 barrels a year ago.

“While we maintain our focus on continuing safe operations at all our assets, our operational effort will accelerate at Montara as we look to begin the riserless light well intervention programme this quarter, followed by the subsea umbilical replacement.  The overall scopes of work will enhance the reliability and predictability of outcomes at Montara, in addition to unlocking more production and reserves.  We continue to exert our positive influence in ongoing operations at Montara as we progress toward the formal transfer of operatorship to Jadestone,” CEO Paul Blakeley said.

Jadestone owns the Stag oilfield and the Montara project, both producing, offshore Australia, as well as development assets in Vietnam, Malaysia, Indonesia, and the Philippines.

“Meanwhile, I am pleased to have signed a Heads of Agreement with Petrovietnam in respect of our Southwest Vietnam development.  The HOA confirms many of the key terms required to ensure a strong return on this investment.  Our team continues to make excellent progress on all work fronts, as we work to finalise a gas sales and purchase agreement later this year, concurrent with field development sanction,” he said.