Independent oil and gas explorere Jadestone doubled their revenue for the third quarter year on year as production rose at its Montara well in Australia.
Revenue for the quarter was $62.5m, nearly double the same period in 2018, when it was $32.7m.
Revenue was however 56 per cent lower than in the previous quarter, which the company said was due to one less lifting from Montara.
Production rose to 1.2m barrels of oil equivalent, nearly four ties that of the same period in 2018. Oil equivalent sales were double, at 891,600 barrels, though the price fell 16 per cent.
Again, production actually fell two per cent from the second to the third company, which Jadestone said was the result of planned maintenance work.
The Singapore-based company said it was on track to meet production guidance for the year of 13,500 barrels to 14,500 barrels of oil per day.
Why it’s interesting
Earlier this month Jadestone announced it would buy a 69 per cent stake in New Zealand’s Maari project oil field for $50m (£38.6m).
The firm said that the purchase, from OMV New Zealand, would increase its net production by approximately 30 per cent.
The field is located about 80 kilometres south west of New Zealand’s North Island, and includes both the Maari and Manaia oil fields.
The company said that it expected to complete the transaction in the second half of 2020.
What Jadestone said
President and chief executive Paul Blakeley said:
“The Jadestone strategy is definitely working with building momentum, and we remain on track to generate distributable earnings for shareholders, as promised in our announced dividend policy, which will result in our maiden dividend next year.”
Shares in Jadestone fell nearly four and a half per cent today.