Shares in Jadestone Energy PLC (AIM:JSE) jumped over 10% on Monday morning as the oil and gas firm announced a boost to its borrowing capacity, alongside progress at the Akatara project.
Following a redetermination of its reserve-based lending facility, the firm’s borrowing capacity will sit higher than forecasts at US$200 million for the six months to March.
“[This] shows the constructive working relationship we have [...] and demonstrates the banks' confidence in Jadestone's ability to deliver,” said president and CEO Paul Blakeley.
Increased capacity comes after Jadestone’s approved request to raise the development cap at its Akatara project from 40% to 60%, the firm said in a statement.
Development of the project is now 70% complete meanwhile, Jadestone said, plotting it on course for commissioning and first gas in early and mid-2024 respectively.
Shares climbed 10.6% to 31.84p.