Jadestone Energy lowers FY production guidance, delivers record H1

Jadestone stated that while it continues to see annual group production at roughly 20,000 barrels of oil per day, the group lowered its FY guidance to 18,500-21,000 barrels of oil per day from 20,000-22,000.

The AIM-listed group said the drop was principally a result of "significant" weather impacts, and the revised timing of the start of commercial sales from its Akatara project.

"The lower end of the range also incorporates a conservative assumption on Akatara production in the early stages of the processing facility's operating life, and a range of potential downside scenarios across the portfolio," said Jadestone.

As far as H1 was concerned, Jadestone said group production had shot up 37% year-on-year to average 16,867 barrels of oil per day, higher than any prior six-month period in the company's history.

As of 0935 BST, Jadestone shares were down 4.62% at 31.0p.

Reporting by Iain Gilbert at Sharecast.com