Jadestone Energy (JSE) has decided to make London its sole home. The oil and gas producer and developer listed on Aim in 2018 after being on the TSX Venture exchange since 2016. It will now ditch the Canadian listing, as 98 per cent of its daily average trading last year was in London, although it will remain domiciled in Canada.
In a trading update, Jadestone said it had averaged 13,531 barrels of oil per day (bopd) for 2019, in line with guidance. Costs will be announced in the full-year results in April, but the company said its adjusted cash operating cost (excluding “non-routine” maintenance costs) was $22.90 (£18) a barrel. This output came from the Montara field, offshore Australia. The company is hoping to expand production by 4,000-4,5000 bopd this year by completing the $50m purchase of 60 per cent of the offshore New Zealand asset Maari.
A disappointment for the year could be the lack of a green light for the Nam Du and U Minh gasfields from the Vietnam government, which was expected by the end of 2019 or “shortly thereafter”. The company said it continued to expect the final approval “shortly”, and first gas is still expected by the end of 2021.
The production forecast for 2020 is 13,500–15,500 bopd, with capital spending of $160m-$190m. Jadestone’s share price is down a quarter since the start of 2019, at 68.5p.
