Jadestone Energy on target to meet production guidance

Oil and gas production company Jadestone Energy said on Friday that it was on target to hit production guidance of 11,000-12,500 barrels a day.

In November, Jadestone said output averaged 11,365 barrels every day as the group looked to take advantage of what it anticipates will be stronger pricing going forward.

Jadestone, which holds a portfolio of development, production and exploration assets in Australia and Vietnam, said net cash jumped to $83.0m from $39.0m.

Chief executive Paul Blakeley said: "Our financial position is robust as our business remained cash generative throughout the 2020 depressed oil price environment, and has contributed to a growing net cash position as we articulated back in March. We expect to be entirely debt-free by the end of Q1 2021."

The AIM-listed group added that it was investigating a number of new merger and acquisition opportunities, including both high value but smaller tuck-in acquisitions and "larger, more material opportunities".

As of 0930 GMT, Jadestone shares were up 2.62% at 56.44p.