Record 2024 exit rate and annual production

Jadestone Energy PLC

20 January 2025

 

Record monthly, year-end exit rate and annual production in 2024

20 January 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group"), an independent upstream production and development company focused on the Asia-Pacific region, announces that Group production exited[1] 2024 at c.24,000 boe/d, a monthly record for the Group and an increase of c.40% compared to January 2024.

Production performance into year-end 2024 benefitted from several factors, including stabilisation of operations at the Akatara project in Indonesia, good uptime and subsurface performance at Montara and continued outperformance at the CWLH asset.  There was also the continued positive impact of the Malaysia drilling campaign in late 2023 and elevated gas demand in northern Thailand supporting higher Sinphuhorm output.  Stag production also increased into the year-end, benefitting from successful recent workover activity.

Production for 2024 is estimated to have averaged c.18,700 boe/d, in line with guidance and an annual record for the Group, representing c.35% production growth year-on-year.  This was achieved with an excellent HSE performance, zero major environmental events and over 10 million manhours worked in aggregate at the Company's Indonesia and Malaysia operations without a lost-time injury.

Jadestone intends to issue a trading statement in February 2025 in respect of its 2024 operational and financial performance, which will also include 2025 guidance.

Adel Chaouch, Executive Chairman of Jadestone, commented:

"Jadestone's portfolio performed strongly into the end of 2024, boosted by the onset of sustainable production from the Akatara project and showcasing the increasing diversification and resilience of our business.  This delivered record results for monthly, year-end exit rate and annual production.  Our focus during 2025 will be to build on this strong performance through maximising uptime levels across the asset base and mitigating portfolio natural decline."

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For further information, please contact:

Jadestone Energy plc
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]
Georgia Edmonds
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.

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, Nam Du/U Minh in Vietnam and the PNLP Cluster offshore Malaysia, 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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[1] Defined as preliminary average Group production in December 2024

 

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