Page 6 - AsianOil Week 22
P. 6
AsianOil ASIA-PACIFIC AsianOil
Jadestone’s first-
quarter profits jump 22%
PERFORMANCE ASIA Pacific-focused independent Jadestone
EnergY has reported a 22.4% year-on-year jump
in its first-quarter net profit to $13.1mn.
Revenue in the three-month period climbed
31.6% y/y to $74.2mn, the UK-listed company
said on May 28. While the company’s average
realised oil price slid by 7% to $64.09 per barrel
in the quarter, per unit costs crept up 3% on the
year to $24.99 per barrel.
Jadestone produced 11,665 barrels per day
(bpd) of oil on average in the quarter, down
11% y/y. The company saw production from
its Montara field offshore Australia fall to 8,799
bpd in the first quarter from 11,118 bpd a year
earlier on the back of maintenance activities and
cyclone-related downtime. The company said it The company said its cost efficiency and cap-
had completed a 3D seismic survey of Montara ital savings programme had already achieved
in the quarter and that it expected to reveal the savings of $3 per barrel (bbl) so far this year and
results in the fourth quarter. that the goal was to increase this to $5 per barrel
The Stag field, also offshore Australia, pro- for the year.
duced 2,866 bpd on average, up from 1,941 Jadestone said its operating cash flow
bpd in the same period of 2019. The company break-even oil price for the remainder of the
attributed the increase to the 49H infill well that year had been reduced to $20 per barrel and
was drilled in 2019. Stag experienced increased that its production guidance for 2020 was
uptime in the first quarter compared with a year 12,000-14,000 bpd.
ago, which Jadestone said reflected that the first President and CEO Paul Blakeley said:
quarter of 2019 was “adversely impacted by rig “We have opted to utilise the substantial
mobilisation and weather-related downtime”. flexibility inherent in our 2020 spending
Jadestone has reduced its planned spending plans, to reduce this year’s capex by 80%.
guidance for this year by 80% to $30-35mn by The combined effect is that we continue to
delaying the Nam Du and U Minh gas field strengthen our net cash position, which now
developments offshore Vietnam and by defer- stands at $72mn and affords us the comfort
ring its Australian infill drilling campaign to re-affirm plans to pay our first dividend
until 2021. later this year, as previously committed.”
SOUTH ASIA
OIL struggles to cap
gas well blowout
PROJECTS & THE Indian Ministry of Petroleum and Natu- OIL said the same day as the visit that a
COMPANIES ral Gas has sent to a team to inspect state-run two-member team from Singapore’s Alert Disas-
Oil India Ltd’s (OIL) well in Assam State, which ter Control would arrive on June 4 to help bring
has been leaking natural gas and condensate for the well under control.
more than a week. Baghjan is the company’s second blowout
Joint Secretary Amar Nath led the June 3 visit in 15 years to require the assistance of inter-
to the Baghjan natural gas and condensate field, national experts. The previous fire in 2005 was
where a well has been “uncontrollably” produc- at an abandoned oil well in Assam’s Dibrugarh
ing petroleum since May 27. A blowout occurred District. It took 45 days the help of the US’
when OIL attempted to bring a new reservoir, Boots & Coots International Well Control to
located at a depth of 3,729 metres, on stream. bring it under control.
P6 www. NEWSBASE .com Week 22 04•June•2020
