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    Jadestone books record revenue in 2021

Summary

Crude premiums remained strong through 2021, averaging $3.39/b.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, Malaysia, New Zealand, Vietnam

Jadestone books record revenue in 2021

Southeast Asia-focused Jadestone Energy in 2021 booked record revenue of $340.3mn owing to higher realised oil prices, it said on January 27.

Crude premiums remained strong through 2021, averaging $3.39/b.  The company realised an average oil price of $74.34/b during the year, compared to an average Brent price of $70.94/b.  More recently, premiums have risen sharply, with the December 2021 liftings achieving $12.70 /b at Stag, $2.94/b at Montara and $3.46/b at PM323 and PM329 in Malaysia, the company said.

Jadestone said 2021 production averaged 12,545 boe/d, in line with expectations and the guidance range.

The company will issue its 2022 operational and financial guidance on February 10.  Its audited 2021 financial results will be published in April.

“We are hopeful that 2022 will finally see accelerated progress on the Maari acquisition following recent changes to New Zealand's hydrocarbon legislation, specifically around decommissioning,” Jadestone CEO Paul Blakeley said. "Similarly, we anticipate that the positive fundamentals of the Vietnam gas project will lead to renewed momentum this year."