TIDMJSE
RNS Number : 8263Z
Jadestone Energy PLC
27 January 2022
Jadestone Energy
Trading update for year ended 31 December 2021
27 January 2022 - 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 2021. The financial information in this
update has not been audited and may be subject to further
review.
Paul Blakeley, President and CEO commented:
"Jadestone ended 2021 with considerable momentum, delivering on
our commitment to increase production to around 20,000 boe/d by
year-end. Increasing production, robust realisations at Montara and
Stag and no hedging has resulted in strong cash generation in the
final quarter, with a Group cash balance of US$117 million at
year-end and no debt. We were also very pleased to announce a gas
sales agreement for the Akatara gas development in Indonesia - a
key milestone for this project ahead of a planned final investment
decision in the first half of 2022.
We are seeing an active asset market in our core Asia-Pacific
region. We are working hard to take advantage of this, but will
only do deals where we are sure of delivering accretive value to
shareholders. We are hopeful that 2022 will finally see accelerated
progress on the Maari acquisition following recent changes to New
Zealand's hydrocarbon legislation, specifically around
decommissioning. Similarly, we anticipate that the positive
fundamentals of the Vietnam gas project will lead to renewed
momentum this year. I thank all our shareholders for their patience
as we work to deliver further profitable growth for the business,
and I am confident we will continue to do so.
I am also pleased to report that we have been making progress on
our ESG commitments with a key goal of converting our 2021 net zero
ambition into a clear net zero commitment during the first half of
2022."
2021 Operating and Financial performance
l 2021 production averaged 12,545 boe/d, in line with
expectations and the guidance range, with Montara averaging 7,647
bbls/d, Stag averaging 2,359 bbls/d and an annualised contribution
of 2,539 boe/d from the Peninsular Malaysia assets.
l 2021 revenues estimated at US$340.3 million, an annual record,
in particular benefitting from strong benchmark pricing for
liftings in October (Montara) and December (Montara and Stag).
l Crude premiums also remained strong through 2021, averaging
US$3.39/bbl. The Company realised an average oil price of
US$74.34/bbl during the year, compared to an average Brent price of
US$70.94/bbl. More recently, premiums have risen sharply with the
December 2021 liftings achieving US$12.70 /bbl at Stag, US$2.94/bbl
at Montara and US$3.46/bbl at PM323 and PM329 in Malaysia.
l Unaudited operating expenses for the full year were
approximately US$27.60/boe(1) , after the customary adjustment for
workover activities and were within the guidance range.
l 2021 major spending comprised approximately US$113.2 million,
with capital expenditure accounting for US$57.0 million of the
figure (primarily the drilling of the Montara H6 well), and the
remainder spent on the Skua workover programme. As previously
advised, this was towards the top end of the guidance range due to
a sidetrack on the H6 well and delays experienced during the Skua
programme.
l Cash balances at the end of the year are estimated at US$117.4
million, representing an increase of 30% year-on-year, even after
the largest spending programme in the Company's history. Cash
generation was particularly strong in the final quarter due to the
liftings from Montara and Stag highlighted above.
l The Company remains debt free following the final scheduled
repayment of its reserves-based loan in March 2021.
l During 2021, the Company continued to develop its ESG
reporting, in particular commissioning a climate scenario analysis
and net zero pathway strategy, building on the initial TCFD
disclosures contained in the 2020 Sustainability Report. Jadestone
anticipates that the results of these workstreams will be included
in the 2021 Sustainability Report. The Company also continued to
enhance the monitoring and reporting of GHG emissions across its
business. Disclosures on 2021 GHG emissions will be included in the
2021 Sustainability Report.
Jadestone will issue its 2022 operational and financial guidance
on 10 February 2022. The Company's audited 2021 financial results
will be published in April 2022 along with its annual 51-101
reserves disclosures. The Company's Annual Report and
Sustainability Report are expected to be published in May 2022.
(1) 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)
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 100% interest
(assuming completion of the Hexindo stake acquisition, as announced
in November 2021) 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 a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government 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
of UK law by virtue of the European Union (Withdrawal) Act
2018.
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