Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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.
Copyright 2024 Alliance News Ltd. All Rights Reserved.