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Jadestone Energy profit falls on rising costs, lower output

By BFN News | 09:00 AM | Thursday 28 November, 2019

Jadestone Energy reported lower third-quarter profit on rising costs and a fall in production amid planned downtime at its Montara mine. For the three-month period ended September 30, pre-tax profit fell to $2.8m from $3.2m on-year as revenue rose to $62.5m from $32.7m. Production was in line with full-year guidance averaging 13,036 barrels a day for the quarter, a 2% decrease from the second quarter. While production costs increased to $32m from $16.9m. Full-year average group production guidance was reconfirmed within the range of 13,500 to 14,500 barrels a day. Guidance on major spend for the full year was lowered to a range of US$66m to $81m, down $7m as the Montara 3D seismic shoot was now expected to commence in the first quarter of 2020, the company said. At 9:00am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was -3.75p at 70.25p Story provided by

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