Corporate Update

Jadestone Energy PLC

13 June 2024

 

Corporate Update

13 June 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, provides the following corporate update in advance of the Company's 2024 Annual General Meeting, which is being held at 9:00 a.m. BST today at Simmons & Simmons LLP, Citypoint, 1 Ropemaker Street, London, EC2Y 9SS.

Year-to-date (end-May) 2024 production has averaged c.17,200 boe/d, a c.50% increase year-on-year, with production in the second half of 2024 expected to increase significantly with the onset of production at the Akatara project. As previously reported, the lower end of the 20-22,000 boe/d 2024 production guidance range remains the most likely outcome.

Also as recently reported, the Akatara Gas Processing Facility is nearing the key milestone of mechanical completion, and the project remains on schedule for first gas later this month and for commercial gas, LPG and condensate sales to follow shortly thereafter.

Net debt at the end of May 2024 was c.US$66 million, a reduction from the last reported figure of c.US$78 million at the end of March, reflecting c.US$110 million of cash revenues received in April, ongoing operating and capital expenditures, and the second payment to the abandonment trust fund associated with the CWLH 2 acquisition. Due to the phasing of cargoes, there were no oil liftings in April 2024. May 2024 liftings generated estimated cash revenues of c.US$32 million, which are expected in June.

2024 operating cost guidance of US$240-290 million (excludes c.US$30 million of royalties and carbon taxes) and capital expenditure guidance of US$80-110 million are also reiterated.

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For further information, please contact:

Jadestone Energy plc
Paul Blakeley, President and CEO	[phone] (Singapore)
Bert-Jaap Dijkstra, CFO Phil Corbett, Head of Investor Relations	[phone] (UK)
	[e-mail]
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	[phone] (UK)
Callum Stewart
Jason Grossman
Ashton Clanfield
Peel Hunt LLP (Joint Broker)	[phone] (UK)
Richard Crichton
David McKeown Georgia Langoulant
Camarco (Public Relations Advisor)	[phone] (UK)
Billy Clegg	[e-mail]
Andrew Turner Elfie Kent

About Jadestone Energy

Jadestone Energy plc is an independent upstream company focused on the Asia-Pacific region.  It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive upstream investment climate.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy's business in Asia-Pacific, the Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as at Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE).  The Company is headquartered in Singapore.  For further information on the Company please visit www.jadestone-energy.com.

This release does not contain inside information.

 

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