Jadestone Energy reported a 13% increase in first-half 2026 revenue to $261.1 million, driven by higher realized prices despite a 25% drop in production volumes. The London-listed independent oil and gas producer attributed the decline in output to planned maintenance and unplanned downtime across its assets in Australia, Malaysia, and Indonesia.
Revenue growth was supported by a 17% rise in realized oil prices to $90.4 per barrel and a 7% increase in realized gas prices to $6.0 per mcf. However, after-tax losses widened to $4.8 million from a $37.6 million profit in the same period of 2025. Adjusted EBITDAX remained relatively stable at $101.6 million, while net cash from operations surged to $97.2 million from $53.8 million.
Capital expenditure fell sharply to $35.0 million from $69.4 million, with cash CapEx totaling $31.6 million. The company issued a $200 million Nordic bond in March 2026, netting $194.9 million in proceeds, and repaid $150 million of its reserve-based lending facility. Cash and cash equivalents rose to $174.3 million at June 30, 2026, lifting total liquidity to $204.3 million, including $30.0 million in working capital facilities.
Operational disruptions included a five-yearly dry-dock maintenance at the Okha FPSO in Australia, which contributed to a $14 million increase in field operating costs. In Malaysia, the PM323 Phase 9 drilling campaign exceeded expectations, delivering an aggregate initial production gain of 8,500 barrels of oil per day and boosting PM323 output to 13.1 kbopd, a 228% increase from the base level. The campaign targeted the K10 Lower reservoir in the East Belumut field, encountering oil columns of up to 14 meters.
In Indonesia, production at the Akatara gas processing facility averaged 5,590 boepd in H1 2026, rising to approximately 6,400 boepd following inlet compressor repairs in April. The facility maintained a safety record of 9.5 million manhours without a lost-time injury. Australia’s Montara asset averaged 4,195 bopd, with a re-injection compressor overhaul increasing throughput by 30% and reducing flare volumes by over 100,000 tonnes of CO₂ equivalent per year.
Jadestone maintained its full-year 2026 production guidance of 16,000–18,000 boe/d and total production costs of $260–300 million. Capital expenditure guidance for 2026 was set at $50–80 million, excluding Vietnam development capital. The company also reiterated its 2025–2027 free cash flow guidance of $200–240 million, based on a Brent price assumption of $70 per barrel.
