Jadestone Energy, Inc. (GB:JSE) has released an update.
Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, reports a loss after tax of US$91.3 million for the year ended December 31, 2023, compared to a profit of US$9.2 million in 2022. The loss is attributed to lower oil prices, repair downtime at Montara, asset impairments, and higher finance costs. Despite the loss, the company confirms a borrowing base of US$200 million for upcoming quarters and expects an improved outcome for 2024. Key achievements include progress on the Akatara gas field, expected to commence commercial sales in Q2 2024, and a successful drilling campaign in Malaysia. The company also maintains a strong commitment to Net Zero Scope 1 and 2 GHG emissions by 2040.
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