AIM movers: Jadestone Energy repair delays and Ascent Resources cash payment

Oil and gas producer Jadestone Energy (LON: JSE) has detected an additional defect in the infrastructure at the Montara Venture FPSO, offshore Australia. Repairs have been delayed by the weather and logistics issues and production will be temporarily shut-in for the rest of August and some of September. There will be additional costs of $2m-$4m. Production guidance has been reduced from 15,500 boe/day to between 13,000 boe/day and 14,000 boe/day. First half production was 15,008 boe/day and revenues were $225.6m. At the end June 2022, there was cash of $161.1m. The share price declined by 9% to 91p.

Mineral sands producer Base Resources Ltd (LON: BSE) says that Kwale South Dune mineral resources have been depleted by mining, but Ranobe ore reserves have been increased from 586Mt to 904Mt. The share price is 3.58% to 17.5p.

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Ascent Resources (LON: AST) has received the first cash payment from its Slovenian partner and the share price has jumped 10.4% to 4.25p. Ascent Resources and its joint venture partner agreed that the AIM company was entitled to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells between April 2020 and June 2022. The first payment is €650,560, after certain expenses, which is for the period up until the end of 2021. The second payment will be €857,617. There is still a disagreement between the partners over other revenues from the area that could be even higher.

The Touchstone Exploration (LON: TXP) share price is rising on the back of yesterday’s second quarter figures, and it is 9.14% ahead at 95.5p. The quarterly oil production from the Trinidad-focused producer was 2% higher at 1,402 barrels of oil per day. Revenues were 66% higher at $12.6m with average oil prices of $97/barrel. However, a higher tax charge meant that there was a small net loss. Gas production from Coho should commence in the third quarter.

ADM Energy (LON: ADME) has completed the 17th lifting at the Aje field, offshore Nigeria. ADM Energy’s 9.2% share of the lifting was 8,683 barrels. The cash raised will fund further development. The share price rose 6.25% to 0.85p.

Oil and gas producer President Energy (LON: PPC) says that its Argentina subsidiary generated revenues of $18m in the first half of 2022 and could reach $40m for the full year. The interim pre-tax profit is $8.1m. The share price improved 4.17% to 1.25p.

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