TIDMJSE
RNS Number : 3897P
Jadestone Energy PLC
09 October 2023
Financing and Operational Update
9 October 2023 - Singapore: Jadestone Energy plc ("Jadestone",
or the "Company") an independent oil and gas production company
focused on the Asia-Pacific region, is pleased to provide the
following update on the Company's reserve-based lending ("RBL")
facility and recent operational highlights.
RBL Facility Update
The bi-annual redetermination process for Jadestone's US$200
million RBL facility has concluded and the Company is pleased to
report the following increases in borrowing capacity over the next
12 months:
-- Effective 1 October 2023 to the next redetermination date on
31 March 2024, the borrowing capacity exceeds the maximum facility
amount. As such, the borrowing capacity for the upcoming 6-month
period will be US$200 million (previously forecasted at c.US$190
million).
-- For the subsequent 6-month period (Q2-Q3 2024), the borrowing
capacity will be the lower of the approved banking model as of 31
March 2024 or US$150 million (previously forecasted at US$99
million). The current model projects a borrowing capacity for this
period of c.US$150 million, excluding capex add-back and subject to
changes in model assumptions.
The increases in borrowing capacity result from the approval of
the Company's waiver request to raise the Akatara development cap
from 40% to 60%, effective from 1 October 2023 to the September
2024 redetermination date. The development cap represents Akatara's
maximum percentage contribution to the total borrowing base prior
to the asset's completion test, after which the Company's borrowing
base is expected to return to US$200 million.
The increase in borrowing capacity over the Q2-Q3 2024 period
means that the Company's liquidity position during this period is
currently projected to be in excess of c.US$100 million, which
includes the Company's undrawn US$31.9 million working capital
facility.
Operational Update
Since resuming production on 2 September 2023, Montara has
averaged c.7,000 bbls/d, benefitting from some ongoing flush
production and active management of the Montara H2, H3 and H4 wells
to optimise the oil to gas ratio. It is expected that, over time,
average oil production rates will normalise back towards previous
guidance in the 6,000 - 6,500 bbls/d range.
The Akatara development project is now c.70% complete,
delivering on the end-September 2023 progress target of 65%.
Long-lead time items continue to arrive at site on schedule and the
project remains on track for commissioning in the first quarter of
2024 and first gas before mid-2024.
The first well in the East Belumut infill campaign is
maintaining higher than expected production levels as the drilling
campaign continues.
Paul Blakeley, President and CEO commented:
"We always believed that, with time, we could resolve the
temporary dip in the RBL borrowing base availability in mid-2024.
The waiver approval shows the constructive working relationship we
have with our RBL banks and demonstrates the banks' confidence in
Jadestone's ability to deliver. I would like to thank the RBL banks
and the wider Jadestone team for working together to deliver this
successful outcome. As a result, Jadestone is projected to have
significant liquidity prior to the Akatara field commencing
production, after which our borrowing base availability is expected
to increase further, as we move into a period of high cash
generation, in turn supporting our growth ambitions.
Recent operational performance across the business has been
encouraging, with total production averaging c.17,000boepd during
the month of September, and also continued progress at Akatara,
where we remain on budget and schedule while meeting all key
milestones. We are focused on sustaining this momentum over the
remainder of 2023 and into 2024, underpinning our aim of
significant production and cash flow growth in the near-term."
-ends-
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 (0) 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)
Will Soutar
Cameron Jones
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Andrew Turner
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 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 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 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.
This announcement does not include inside information.
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END
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(END) Dow Jones Newswires
October 09, 2023 02:00 ET (06:00 GMT)
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