TIDMJSE
RNS Number : 7149O
Jadestone Energy PLC
02 February 2023
Trading update for year ended 31 December 2022
2 February 2023 - Singapore: Jadestone Energy plc ("Jadestone"
or the "Company"), an independent oil and gas production company
focused on the Asia-Pacific region, provides a trading update for
the year ended 31 December 2022. The financial information in this
update has not been audited and may be subject to further
review.
Paul Blakeley, President and CEO commented:
"As previously reported, 2022 was a year of two halves. Whereas
in the first half, the Company delivered record financial results,
the second half was impacted by the shut-down of our main producing
field, Montara. Despite this temporary setback, Jadestone achieved
several notable successes during the year.
We completed the CWLH acquisition offshore Australia, which adds
a strategic and value accretive asset to our portfolio, including
funding 50% of the decommissioning liability upfront. Additionally,
the team on Stag successfully completed two infill wells, one of
which was the longest well drilled by Jadestone to date. Initial
well delivery is ahead of expectations and provides increased
confidence in a number of additional infill well locations for the
future. At the operated Peninsular Malaysia assets, we made solid
progress in improving operating performance and production is up
10% within just twelve months from acquisition, and ahead of any
new drilling activity, with the first wells here planned later in
2023. The Akatara gas development is progressing well, both in line
with cost estimates, and on schedule towards first gas in the first
half of 2024.
Jadestone finished the year with a cash balance of US$122
million. This is a good outcome given not only the impact of the
Montara outage, but also the significant capital expenditure at
both Akatara and Stag, as well as the acquisition of the CWLH
interest and the ongoing share buy-back programme, all of which
were managed within the cash generated during the year.
Finally, we are pleased to report a strong start to 2023, with
the recent acquisition of an initial stake in Sinphuhorm field, and
progress towards a restart of Montara, which remains on track for
later this month. We are engaged in several M&A processes at
present, and I am optimistic that we will be successful in resuming
our growth trajectory in 2023, while remaining very disciplined
about the opportunities we pursue."
2022 Operating and Financial performance
l 2022 production averaged 11,487 boe/d (2021: 12,545 boe/d), in
line with expectations(1) , with the asset split as follows:
Montara: 4,227 bbls/d, a 45% decrease on 2021 primarily due to
the field being shut in from mid-August to year-end 2022
Stag: 2,176 bbls/d;
Peninsular Malaysia: 4,702 boe/d
CWLH: 383 bbls/d, representing the annualised contribution based
on average net production of 2,290 bbls/d since completion of the
acquisition on 1 November 2022
l 2022 revenues estimated at US$421 million (2021: US$340
million), an annual record for the Company, as higher realisations
offset lower production from Montara.
l 2022 liftings estimated at 4.0 mmbbls (2021: 4.6 mmbbls) of
oil and 1.8 mmcf (2021: 0.6 mmcf) of gas. Oil liftings were lower
than 2021, primarily due to the shut-in at Montara partially offset
by a full-year contribution of the Peninsular Malaysia assets
acquired in 2021 and the first lifting from the CWLH asset in
November 2022.
l The Company realised an average oil price of US$103.93/bbl
(2021: US$74.34/bbl) during 2022, compared to an average lifted
Brent price of US$96.05/bbl (2021: US$70.94/bbl). The average
premium to Brent in 2022 of US$7.88/bbl (2021: US$3.39/bbl)
reflected strong pricing across Jadestone's portfolio, particularly
at Stag, which averaged a US$22.78/bbl premium to Brent across the
three liftings during the year.
l Unaudited operating expenses(2) for 2022 are estimated at
approximately US$37/boe, primarily impacted by the temporary
shut-in production from Montara and therefore at the upper end of
the guidance range after the customary adjustment for non-routine
maintenance items and workover costs.
l 2022 capital expenditure was approximately US$87 million, just
below the guidance range of US$90 - 105 million. The Stag infill
drilling programme accounted for US$60 million of total capex, with
US$21 million initial spend on the Akatara gas development, lower
than anticipated due to phasing of procurement activity. Akatara
project progress, and delivery of first gas, remain on track with
original planning.
l Cash balances at the end of the year are estimated at US$122
million, a slight increase on the opening 2022 figure of US$118
million.
l To date, the Company has acquired 20.2 million shares under
its buyback programme, at a total cost of US$17.9 million,
representing an average repurchase price of 76p per share.
l The Company is currently debt free but continues to progress
the proposed reserves based lending facility, which was always
intended to fund the Akatara field development expenditure and for
general corporate purposes.
l The Company's 2023 operational and financial guidance will be
announced once production from Montara has resumed.
(1) Operational Update, 17 November 2022
(2) Unaudited operating expense is a non-GAAP financial measure
which does not have a standardised meaning prescribed by IFRS. This
non-GAAP financial measure is included because management uses this
information to analyse financial performance and efficiency and it
may be useful to investors on the same basis. Unaudited operating
expense is a non-GAAP measure which should not be considered an
alternative to, or more meaningful than, "production cost" as
determined in accordance with IFRS, as an indicator of financial
performance. Unaudited operating expense equals production cost
plus the net impact of opex related foreign exchange gains and
losses and adjusted for certain non-routine maintenance items and
workover costs. Because non-GAAP financial measures do not have a
standardised meaning prescribed by IFRS, they are unlikely to be
comparable to similar measures presented by other companies and
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS.
Production cost will be disclosed along with the Company's full
year financial and operating results, including audited
consolidated group financial statements, in April 2022.
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Bert-Jaap Dijkstra, CFO
Phil Corbett, Investor Relations Manager +44 7713 687467 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Tony White
Will Soutar
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Georgia Edmonds
Elfie Kent
About Jadestone Energy
Jadestone Energy plc is an independent oil and gas company
focused on the Asia-Pacific region. It has a balanced, low risk,
full cycle portfolio of development, production and exploration
assets in Australia, Malaysia, Indonesia and Vietnam.
The Company has a 100% operated working interest in the Stag
oilfield and in the Montara project, both offshore Australia. Both
the Stag and Montara assets include oil producing fields, with
further development and exploration potential. The Company also has
a 16.67% non-operated interest in the North West Shelf Oil Project
offshore Western Australia, comprising four oil fields containing
significant upside potential through potential infill drilling and
life extension activities.
The Company has interests in four oil producing licences
offshore Peninsular Malaysia; two operated and two non-operated
positions, and has signed an agreement to acquire a non-operated
interest in the Sinphuhorm producing gas field onshore
Thailand.
Further, the Company has a 100% operated working interest in two
gas development blocks in Southwest Vietnam, and an operated 100%
interest in the Lemang PSC, onshore Sumatra, Indonesia, which
includes the Akatara gas field development, where first production
is expected in the first half of 2024.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman's
business in Asia, the Company is pursuing an acquisition strategy
focused on growth and creating value through identifying,
acquiring, developing and operating assets in the Asia-Pacific
region.
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.
Cautionary Statements
This announcement may contain certain forward-looking statements
with respect to the Company's expectations and plans, strategy,
management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements are
made by the Company in good faith based on the information
available at the time of this announcement, but such statements
should be treated with caution due to inherent risks and
uncertainties. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance. The Company does not
assume any obligation to publicly update the information, except as
may be required pursuant to applicable laws.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 which is part
of UK law by virtue of the European Union (Withdrawal) Act
2018.
Glossary
bbl barrel of oil
boe barrel of oil equivalent
-------------------------------------
CWLH Cossack, Wanaea, Lambert, and Hermes
-------------------------------------
mmbbls million barrels
-------------------------------------
mmcf million cubic feet of gas
-------------------------------------
PSC production sharing contract
-------------------------------------
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February 02, 2023 02:00 ET (07:00 GMT)
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