Jadestone Energy Plc · LSE:JSE
Jadestone Energy — H1 2021 Earnings Presentation
19 slides from Jadestone Energy's earnings presentation, Sep 9, 2021
Slide 1: H1 2021 Results Review
Click to add Slide Title Click to add sub head • Edit Master text styles • Second level • Third level • Fourth level H1 2021 • Fifth level Results Review 9 September 2021 www.jadestone-energy.com 1
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 document any question‐and‐answer session that may follow, and any additional documents handed out at the presentation (collectively, the "Present
Slide 3: Agenda
Agenda Overview 1 Paul Blakeley ⚫ Business update 2 Dan Young ⚫ H1 2021 results 3 Paul Blakeley ⚫ Concluding thoughts 3
Slide 4: Jadestone Energy plc Overview
Jadestone Energy plc Overview H1 2021 highlights Financial Statement extract, US$ million ⚫ Maintaining focus on sustainability As at Jun 2021 Dec 2020 — Enhanced reporting via 2020 Sustainability Report, Net cash1 48.3 82.1 including alignment with UN SDGs and TCFD Total assets 587.0 609.7 — Reduci
Slide 5: 2020 ESG highlights
2020 ESG highlights Commitment to continuous improvement 0 14 mg/L 15 % 90,000 t “reportable” Average OIW Reduction of Reduction of CO2-e environmental concentration overall GHGs due to significant incidents in 2020 in 2020 in 2020 reduction in flaring in 2020 TCFD 0 Effective 88 % Lost Time Injurie
Slide 6: Montara & Stag update
Montara & Stag update Deferred activity programme starting to bear fruit in H2 2021 Montara and Stag production, bbls/d bbls/d Montara Initial contribution of H6 Montara 15,000 and Skua & Stag Stag workovers ⚫ Natural decline Australia production forecast ⚫ Unplanned shutdown in H1 to replace Extens
Slide 7: Montara H6 infill well drilling results
Montara H6 infill well drilling results Drilled 1,200 metre horizontal section of high quality oil bearing sands H6 drilling results ⚫ Successfully drilled H6 horizontal infill oil TOP CYCLE IV STRUCTURAL DEPTH MAP producer targeting undrained oil close to the west bounding fault G2 M-3 - ⚫ First-ha
Slide 8: Gas development projects
Gas development projects Progress on Lemang PSC towards project sanction Lemang HoA sales profile (gross) Comments kboe/d 7.0 LPG ⚫ Domestic gas that displaces coal for Condensate power generation. Also delivers LPG to the local market for domestic use Gas 6.0 ⚫ Significant progress on commercial te
Slide 9: Gas development projects (cont’d)
Gas development projects (cont’d) Working towards commercialization of Nam Du / U Minh resource Nam Du/U Minh, offshore Vietnam Vietnam power generation (TWh) Vietnam generation capacity mix Gas Coal Others 500 100% 51% 51% 57% 250 50% 27% 18% 34% 22% 25% 15% 0 0% 2020 2022 2024 2026 2028 2030 2020
Slide 10: Peninsular Malaysia
Peninsular Malaysia Acquisition completed in three months for a net cash consideration Reserves added for net ⚫ 12.5 mmboe 2P reserves acquired for net cash of US$9.2 million on closing1 cash consideration ⚫ Closed transaction ~3 months after signing Production ahead of ⚫ Acquired assets currently p
Slide 11: H1 2021 results—key headlines
H1 2021 results—key headlines Substantial cash generation Overview Average production, liftings and hydrocarbon prices ⚫ H1 2021 production of 9,934 bbls/d H1 2021 H1 2020 FY 2020 ⚫ Slightly ahead of plan, and reflecting — Natural field production decline Montara production, bbls/d 7,269 9,440 9,045
Slide 12: Financial results—H1 2021 EBITDAX
Financial results—H1 2021 EBITDAX Reported & adjusted EBITDAX Income statement extract, US$ million EBITDAX, US$ million US$ million H1 2021 H1 2020 YE2020 US$ million Reported Adjusted 75 65.2 62.6 Revenue 138.2 115.7 217.9 54.7 54.6 50 Production cost (62.5) (44.5) (105.3) 36.6 39.8 Staff costs (1
Slide 13: Financial results—H1 2021 cash bridge
Financial results—H1 2021 cash bridge US$ million H1 2021 cash bridge, US$ million US$ million Cash balance 250 Montara 1 Stag 24 36 Qtly ordinary cashflow 200 34 RBL Qtly non-recurring cashflow 150 9 11 June lifting 102 proceeds 4 received in 16 7 July 6 100 8 5 46 50 89 53 48 0 Cash Revenue Opex &
Slide 14: 10% growth in interim dividend following strong H1
10% growth in interim dividend following strong H1 US$2.75 million interim dividend to be paid 1 October 2021 Context Dividend policy Today’s interim dividend ⚫ Growth-oriented ⚫ Intend to declare dividends semi- ⚫ US$2.75 million interim business annually dividend declared ⚫ Increasing balance and
Slide 15: Jadestone 2021 Group guidance
Jadestone 2021 Group guidance Unchanged since 18 August update Summary of Jadestone 2021 Group guidance 2021 guidance Comments Australia 9,000—10,500 bbls/d ⚫ H6 infill well + Skua 10/11 workovers in H2 2021 Production ⚫ Annualised contribution post closing on 1 PenMal 2,500—3,000 boe/d August 2021
Slide 16: Production growth
Production growth Line of sight on ~20,000 boe/d towards year-end 2021 boe/d 25,000 c.20,000 boe/d from existing asset base by year-end 2021 1 Maari PenMal Stag Montara H1 2021 0 1 The timing of completion of the Maari acquisition is subject to New Zealand government approvals Significant production
Slide 17: Conclusions
Conclusions Well positioned to deliver further growth against improving macro backdrop ⚫ Ongoing focus to deliver on ESG commitments ⚫ Accelerating domestic gas developments ESG — Domestic gas displacing coal-fired generation — Lemang LPG supplies to domestic market ⚫ Montara H6 well and Skua workov
Slide 18: Appendix
Click to add Slide Title Click to add sub head • Edit Master text styles • Second level • Third level • Fourth level Appendix • Fifth level www.jadestone-energy.com 18
Slide 19: Jadestone Energy—updated portfolio overview
Jadestone Energy—updated portfolio overview Building a balanced, low risk, full cycle portfolio Key assets location Key assets and reserves Gulf of VIETNAM PHILIPPINES 2P1 2C2 Thailand Asset Country W.I. (%) Production (net WI) / status (mm bbls) (mm boe) 51 Montara 100% 23.5 -- 46/07 2021 productio