StockMarketWire.com - Oil and gas production company Jadestone Energy reported a surge in half-yearly profits and revenues underpinned by a rise in oil prices.

For the six-month period ended June 30, pre-tax profit rose to US$34.0m from US$10.7m and revenue rose to US$171.7m from US$35.8m a year earlier.

The average price of oil during the quarter was US$71.70 a barrel, an increase of 6% over the first quarter's.

Operating costs of US$21.74 a barrel decreased by 9% from the prior quarter's US$23.75 a barrel, and down 34% from the same quarter a year ago.

Production for the quarter averaged 13,315 barrels a day, down 8% from production reported for the March 2019 quarter, due to planned downtime, the company said.

The company achieved three production liftings during the second quarter, setting a new record of 1.6mm barrels sold, or a total of 2.3m barrels for the six-month period to June 30, which compared to 0.6m boe a year earlier.

Full year average group production guidance was reconfirmed in a range of 13,500 to 14,500 barrels a day, within the larger range set out in the first quarter of 2019.

Opex guidance for the full year was also maintained in the range of US$21 to 24 a barrel.




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