Jadestone Energy (AIM: JSE), the AIM-listed oil and gas producer focused on the Asia-Pacific region, swung to a net loss of $4.8m in the first half of 2026, down from a $37.6m profit a year earlier, after unplanned outages hit two of its fields. The shares were little changed on the day.
Jadestone shares traded at 32.00p during Thursday’s session, flat against Wednesday’s close of 32.00p, within a day range of 31.00p to 32.50p. That leaves the stock roughly in the middle of its 52-week range of 17.00p to 35.00p.
Jadestone said the loss stemmed from two external events: Cyclone Narelle’s impact on its operated Stag field, and a delayed production restart at CWLH following dry-dock maintenance. Production averaged 15,282 barrels of oil equivalent per day in the half, down from 20,368 a year earlier. Chief executive T. Mitch Little said the business had been “affected by two key external events, a delayed production restart at CWLH following the dry dock maintenance campaign, and the impact of Cyclone Narelle on our operated Stag field.”
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Revenue after hedging rose 3% to $234.0m from $228.3m, while adjusted EBITDAX, a measure of operating cash generation before financing and depreciation charges, was broadly flat at $101.6m against $100.6m. Adjusted operating costs per barrel rose to $37.64 from $26.25. Little pointed to progress elsewhere: a $200m bond refinancing completed in March, a Malaysia infill drilling campaign finished more than 20% under budget, and the Vietnam Nam Du/U Minh gas project advancing toward a final investment decision by the end of 2026. “I am pleased with the progress we’ve made on bolstering the foundations of our underlying business,” he said.
All full-year 2026 guidance, including production of 16,000 to 18,000 boepd and free cash flow of $200-240m for 2025-2027, was left unchanged from July’s trading update. CWLH output is targeted to resume around the end of the third quarter, with Stag not expected back until the second quarter of 2027.
