Jadestone Energy, the AIM-listed upstream company, has slightly lowered its full-year production guidance despite a record performance in the first half of the year.
While the company still expects annual group production to be around 20,000 barrels of oil per day, it has revised its FY guidance to a range of 18,500-21,000 barrels per day, down from the previous estimate of 20,000-22,000 barrels per day.
The company attributed the reduction in guidance primarily to "significant" weather impacts and a revised schedule for the commencement of commercial sales from its Akatara project.
âThe 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,â Jadestone stated.
Despite the lowered guidance, Jadestone reported a strong first-half performance, with group production soaring by 37% year-on-year to an average of 16,867 barrels of oil per day. This figure surpasses any previous six-month period in the company's history.
However, the news of the reduced guidance led to a decline in Jadestone's share price. As of 0935 BST, shares were down 4.62% at 31.0p.
