Jadestone Energy Plc · LSE:JSE
Jadestone Energy — FY2021 Earnings Presentation
20 slides from Jadestone Energy's earnings presentation, Jun 6, 2022
Slide 1: Full-year 2021 results
Full-year 2021 results 6 June 2022
Slide 2: Disclaimer & advisories
Disclaimer & advisories You must read the following before continuing. The following applies to this document, the presentation of the information in this The content of the Presentation has not been approved by an authorised person within the meaning of the Financial Services and document any quest
Slide 3: 2021 operational and financial highlights
2021 operational and financial highlights ⚫ Executed largest ever activity programme in Jadestone’s history Return to growth ⚫ 10% production growth vs. 2020, with a further 36% growth expected at the midpoint of the 2022 guidance range ⚫ Realised oil price of US$74.34/bbl, a 66% increase on 2020 Ro
Slide 4: ESG highlights
ESG highlights 4 | Full-year 2021 results 6 June 2022
Slide 5: Net zero commitment and climate strategy
Net zero commitment and climate strategy Net zero commitment Climate strategy • Net Zero Scope 1 and 2 GHG emissions on operated assets by • Jadestone’s corporate strategy is fit for the energy transition no later than 2040 - Focused on maximising the life of existing fields through • Covers Scope 1
Slide 6: 2021 results – a return to growth
2021 results – a return to growth • 2021 guidance achieved 2020 – 2022E production boe/d - Production: 12,545 boe/d 18,000 Montara Stag PenMal - Major spending1: US$103.2m 16,000 - Opex per barrel: US$26.22/boe 14,000 • Delivered organic and inorganic growth 12,000 - Successfully drilled Montara H6
Slide 7: Financial results - snapshot
Financial results - snapshot Income statement extract, US$ million EBITDAX US$ million 12 months ended Dec 31 200 2021 2020 Reported Adjusted 157.9 Revenue 340.2 217.9 150 Production cost (206.5) (105.3) Staff costs (25.1) (21.9) Impairment - (50.5) 100 90.3 Other income 7.6 26.1 62.6 Other expenses
Slide 8: Financial Results – 2021 cash bridge
Financial Results – 2021 cash bridge Reconciliation from cash on 1 January 2021 to 31 December 2021 US$ million 450 6 6 Cash balance Operating cash flows 400 Other cash flows RBL repayment 153 Non-recurring cash flow 350 300 340 250 24 - 19 12 200 47 150 19 8 56 100 11 126 118 50 89 0 Cash Revenue O
Slide 9: Realised prices continue to improve
Realised prices continue to improve Strong Dated Brent pricing and premiums in 2022 YTD Tapis and Stag premiums1 have strengthened significantly US$/bbl US$/bbl US$/bbl 120 7 25 Tapis premium Stag premium (right hand side) Dated Brent Premium 7.6 5.98 23.7 6 100 20 5 5.25 80 1.6 3.4 5.0 15 4 13.9 60
Slide 10: Shareholder returns
Shareholder returns Cash evolution1 US$ million 200 ⚫ 2021 recommended final dividend Ordinary - US$6.25 million, +25% on second 2020 dividend 180 dividend ⚫ US¢1.34 paid on 5 July 20222 160 140 ⚫ Unaudited cash at end-May of ~US$180 million3 120 ⚫ Commitment to return up to US$100 million to 100 sh
Slide 11: End 2021 reserves and resources summary
End 2021 reserves and resources summary Jadestone 2P reserves at end-2021 (mmboe) Jadestone reserves and resources at end-2021 (mmboe) mmboe mmboe 50 250 40 11.2 200 PenMal 30 150 Stag 12.6 20 100 10 Montara 20.9 50 0 0 Group 2P Maari 2P Lemang 2C Hexindo Nam Du U Minh Nam Du Tho Chu Other Total Sta
Slide 12: Producing asset update
Producing asset update Stag Montara PenMal • Focus on delivering production at • Production in Q1 2022 impacted by unplanned • Operated assets production currently ~ 3,000 bbls/d ahead of infill drilling compressor core change-out ~ 5,100 boe/d, ~700 boe/d ahead of plan • Infill well campaign (50H &
Slide 13: Growth update
Growth update Akatara gas development Vietnam gas Maari • EPCI contract signed and final investment • Vietnam currently paying record prices • Revised decommissioning legislation decision taken in June 2022 for oil price linked gas imports achieved Royal Assent in December 2021 • Allows for an immed
Slide 14: Akatara gas development project – entering execution phase
Akatara gas development project – entering execution phase ⚫ Completed tender process in May 2022 and obtained subsequent government approval to appoint EPCI contractor ⚫ EPCI contract signing on 3 June 2022 Project ⚫ Contractor to start work immediately with expected mobilisation to site by July 20
Slide 15: Akatara gas development project – high-level schedule
Akatara gas development project – high-level schedule 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FID Project sanction EPCI contract award and signing EPCI – contract execution EPCI – long-lead items (gas compressors, gas generators, LPG package) Project EPCI – sales gas pipeline Commissionin
Slide 16: Akatara gas project economic drivers – 2C resource case
Akatara gas project economic drivers – 2C resource case1 Akatara gas project economic drivers US$ million boe/d 120 Unit opex < 9/boe Unit capex ~ 6/boe Quick payback 12,000 • Robust project economics with three 100 10,000 revenue streams balancing fixed price 80 8,000 gas and variable price liquids
Slide 17: Regional M&A outlook
Regional M&A outlook 2021 overview Catalysts for active Asia-Pacific M&A market in 2022-2023 • Uptick in upstream M&A activity • Portfolio high-grading post mega mergers • Corporate consolidation drives deal spend • Prioritising capital to high-impact core regions • Majors and IOCs remain active sel
Slide 18: 2022 guidance
2022 guidance 2022 guidance Comments ESG Firm net zero commitment ⚫ Announced on 1 June 2022 ✓ ⚫ Maximise Montara production after compressor core change-out ⚫ Stag infill drilling positively impacts Q4 2022 production Group production 15,500—18,500 boe/d ⚫ Return to production of PenMal non-operate
Slide 19: Outlook and catalysts
Outlook and catalysts Asset Activity 2022 2023 Stag and Montara Planned shutdowns Production Debottlenecking gas handling to maximise Montara production and minimise flaring PenMal (non-op) Return to full production Stag Infill drilling campaign Well operations 50H & 51H 52H & 53H Montara Planning S
Slide 20: Q&A
Q&A Full-year 2021 results, 6 June 2022