TIDMJSE
RNS Number : 0080J
Jadestone Energy PLC
18 August 2021
Guidance and Operations Update
18 August 2021-Singapore: Further to the announcement on 9 June
2021 and the closing of the SapuraOMV Peninsular Malaysia
acquisition earlier this month, Jadestone Energy plc ("Jadestone",
the "Company" or together with subsidiaries, the "Group"), an
independent oil and gas production company focused on the Asia
Pacific region, provides updated operational and financial guidance
for 2021 ahead of its H1 2021 operating and financial results on 9
September 2021:
l H1 2021 Group production was slightly ahead of plan at 9,934
bbls/d;
l Average full-year 2021 production guidance of between
11,500-13,500 boe/d remains unchanged
- Includes 9,000-10,500 bbls/d from the Australia assets,
reflecting H1 2021 performance, and the revised contributions from
the Montara H6 infill well and the Skua 10 and 11 subsea well
workovers, due to the late arrival of the Valaris 107 drilling rig
and longer than expected drilling at the Montara H6 well causing a
circa one month delay in the work programme;
- Slight delays to Stag workovers due to COVID restrictions on people and equipment; and
- Includes daily production from the Peninsular Malaysia assets
of a little over 6,000 boe/d, post-closing on 1 August 2021 net to
Jadestone and consistent with production levels at the time of the
announcement of the acquisition, with some potential upside,
equivalent to 2,500-3,000 boe/d annualised production.
l Average 2021 unit production cost guidance is unchanged at
US$25.50-29.50/boe, and reflects the updated production guidance
outlined above;
l Spending in 2021 of US$105-115 million, compared to US$85-95
million previously, which includes capital expenditure and major
non-recurring opex
- Reflects updated estimates on the anticipated scope of work
necessary to restore production from the Skua subsea wells, and the
revised cost of the H6 infill well at Montara, where the well has
been sidetracked due to mechanical equipment issues.
l While Jadestone and the seller remain committed to the
Company's acquisition of the 69% operated working interest in the
Maari asset offshore New Zealand, the Company believes it is
prudent to exclude the asset from guidance until there is further
clarity on the timing of requisite government approvals. With the
economic date of the transaction unchanged at 1 January 2019, all
production and resultant free cash flow generated from the asset
since that point continues to accrue to the Company up to the
completion date, subject to completion; and
l Reiterate commitment to pay a 2021 cash dividend, in keeping
with the Company's dividend policy, and to maintain and grow
dividends in line with underlying cashflow generation.
Paul Blakeley, President and CEO commented:
"2021 marks the return to a phase of active investment across
our producing assets, following an extraordinarily challenging
2020, and we welcome the relative stability and more favourable
investment climate our industry is seeing this year. Further, we
remain well positioned to capitalise on the growing number of
acquisition opportunities in our core areas, without sacrificing
our rigorous sub-surface screening and clear focus on returns.
"With more than half of 2021 behind us, we have updated our
guidance to reflect the delayed timing of work programme activities
and Maari closing, offset by the recent Peninsular Malaysia
transaction. Full year production guidance remains unchanged at
11,500 - 13,500 boe/d.
"We have removed the impact of the Maari transaction for this
year, reflecting ongoing uncertainty in the timing of New Zealand
government approval. While the government seems more focused on new
legislation to provide clarity around decommissioning security, we
have, in the meantime, provided all the information requested by
the relevant regulator in seeking their approval . Importantly,
removing Maari from guidance is more than offset by the inclusion
of the Peninsular Malaysia acquisition from 1 August.
"The quality of the opportunity set across our asset portfolio
remains unchanged and the incremental cashflow from rising
production will benefit the business in the last quarter this year
and throughout 2022, rather than during last year's depressed price
environment. I look forward to the successful completion of the
Montara activity programme and the full benefit of the Peninsular
Malaysia assets increasing Jadestone's production towards 20,000
boe/d."
H1 2021 report and new Investor Relations Manager
The Company intends to publish its unaudited H1 2021 operating
and financial results on 9 September 2021 and will host a
conference call that day. Details will be published in due
course.
The Company is pleased to announce the appointment of Phil
Corbett as Investor Relations Manager from early August 2021.
Contact details can be found below.
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Dan Young, 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
James Crothers
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, Vietnam and the
Philippines.
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
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. Further, the
Company has a 100% operated working interest in two gas development
blocks in Southwest Vietnam, and an operated 90% interest in the
Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara
gas field.
In addition, the Company has executed a sale and purchase
agreement to acquire an operated 69% interest in the Maari Project,
shallow water offshore New Zealand, and anticipates completing the
transaction in 2021, upon receipt of customary approvals.
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 is listed on the AIM market of the London
Stock Exchange. 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
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