StockMarketWire.com - 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
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