Jadestone Energy PLC (AIM:JSE) started Wednesday on the front foot, after reporting successful flow test results from the Skua-11ST development well, at the Montara field offshore Australia.
Initial oil production exceeded 6,000 barrels per day, significantly ahead of prior guidance of 3,500 barrels per day, before stabilising at 4,400 barrels per day under constrained conditions.
"We are pleased to report the strong initial flows from the Skua-11ST well, which will meaningfully contribute to higher production from Montara, underpinning our revised 2025 production guidance which was upgraded in July," said chief executive Mitch Little.
Skua-11ST and other wells at Montara will be managed to support long-term recovery and production optimisation, Jadestone noted, as it added that increased production from the well is expected to reduce operating costs per barrel and extend field life by about one year.