REG - Jadestone Energy PLC - Corporate Update

Jadestone EnergyAnnouncement

13/06/2024 07:00

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RNS Number : 2297S  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.

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Paul Blakeley, President and CEO                      +65 6324 0359 (Singapore)
 Bert-Jaap Dijkstra, CFO

 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown

 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 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 (http://www.jadestone-energy.com) .

 

This release does not contain inside information.

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