Jadestone Energy swings to pretax loss on cost rise, lower production

Jadestone Energy PLC on Thursday reported that it had swung to a pretax loss in the first half of the year due to lower production and higher expenses.

The Singapore-based oil and gas company reported a pretax loss of USD7.8 million for the first six months of 2026, compared with a profit of USD42.9 million a year earlier.

Jadestone Energy said higher production costs, which rose 37% to USD164.0 million from USD120.0 million, were a factor.

The company also highlighted that Cyclone Narelle in March 2026 had an adverse impact on production levels at its operated Stag oil field in Australia. A further production decline in the first half was driven by the delayed restart of production at the Cossack, Wanaea, Lambert, and Hermes oil fields in Western Australia following the dry-dock maintenance campaign.

The company said it now has defined plans to reinstate production at the Stag and Cossack, Wanaea, Lambert, and Hermes fields.

A 2.5% increase in net revenue to USD234.0 million, compared with USD228.3 million a year earlier, was due to higher oil, gas, realised liquefied petroleum gas and condensate prices.

The company said guidance metrics remained unchanged from those in its July 2026 trading statement and that it would progress the final investment decision on the Nam Du and U Minh gas fields in Vietnam by the end of 2026.

Jadestone Energy shares were up 1.6% at 32.50 pence in London on Thursday afternoon.

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