Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Investor Presentation (March 2026)
38 slides from Jadestone Energy's investor presentation, March 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION March 2026
Slide 2: Disclaimer
DISCLAIMER 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 authorized person within the meaning of the Financial Services and document any question‐and‐answe
Slide 3: Agenda
AGENDA 1. Introduction to Jadestone Energy 2. Operations 3. Appendix 3
Slide 4: A Leading Independent Asia-Pacific Upstream Company
A LEADING INDEPENDENT ASIA- PACIFIC UPSTREAM COMPANY Company overview Nam Du/U Minh Development upside • Diversified production from six assets across three countries, core producing assets “PenMal” are Akatara (Indonesia) and CWLH (Australia) PM323 PM329 • Organic growth options, particularly signi
Slide 5: Long History of Accretive M&A and Proven Capital Markets Track Record
LONG HISTORY OF ACCRETIVE M&A ACROSS THE ASIA-PACIFIC REGION AND PROVEN CAPITAL MARKETS TRACK RECORD SIGNIFICANT HISTORICAL CAPITAL MARKETS EXPERIENCE Jul 2016 Nov 2016 Aug 2018 Sep 2018 Feb 2023 May 2023 Jun 2023 Apr 2025 Equity Equity/debt IPO on AIM RBL facility Interim RBL facility Equity WC fac
Slide 6: Refreshed Management Team with Growth and Operational Focus
REFRESHED MANAGEMENT TEAM WITH GROWTH AND OPERATIONAL FOCUS ADEL CHAOUCH T. MITCH LITTLE ANDREW FAIRCLOUGH Executive Chairman Chief Executive Officer Chief Financial Officer +30 years experience +30 years experience +30 years experience MARK CRAIG FAUZI ABBAS ANDI IWAN UZAMAH Country Manager, Countr
Slide 7: Well Positioned to Capitalize on Regional Growth Opportunities
WELL POSITIONED TO CAPITALIZE ON REGIONAL GROWTH OPPORTUNITIES Operational capabilities Akatara case study – showcasing operational excellence Localized operations with centralized support from Singapore HQ… 2020 2021 2022 2023 2024 2025 Q2 ‘20 Q4 ‘21 Mid ‘22 Q3 ‘24 Production ahead Acquired Acquire
Slide 8: Asia-Pacific: Growing Economies with Increasing Energy Demand
ASIA-PACIFIC: GROWING ECONOMIES WITH INCREASING ENERGY DEMAND AND SIGNIFICANT REMAINING RECOVERABLE RESOURCES Home to >50% of the world’s population, …being increasingly short on regional gas Located in areas with significant recoverable growing strongly… production resources BILLIONS BILLION CUBIC
Slide 9: Supportive Regional Environment for Upstream Investment
SUPPORTIVE REGIONAL ENVIRONMENT FOR UPSTREAM INVESTMENT INDONESIA (JADESTONE ASSET: AKATARA) ~42% share of O&G in energy supply GDP (US$tn) Selected O&G players 15 ~3% p.a. Vast underexplored areas, 10 large domestic market, improved 5 fiscal terms in recent years 0 2025 2050E AUSTRALIA (JADESTONE A
Slide 10: Agenda
AGENDA 1. Introduction to Jadestone Energy 2. Operations 3. Appendix 10
Slide 11: Strategic Pillars and Value Drivers
STRATEGIC PILLARS AND VALUE DRIVERS OPERATIONAL EXCELLENCE • Focus on high uptime, cost efficiency and execution of capital projects across all producing assets • Proven execution track record (Akatara development and infill wells in Australia and Malaysia successfully delivered) • Delivered >70% pr
Slide 12: Successful Track Record of Growth and Diversification into High-Value Assets
SUCCESSFUL TRACK RECORD OF GROWTH AND DIVERSIFICATION INTO HIGH- VALUE ASSETS Evolution of 2P reserves Reserves diversified through six producing assets MMboe Reserves growth with FDP approval MMboe Reserves growth with FDP approval 100 100 Liquids Gas ND/UM Vietnam Stag PenMal CWLH Akatara Sinphuho
Slide 13: Established Critical Mass and Development Experience for Next Phase of Growth
ESTABLISHED CRITICAL MASS AND DEVELOPMENT EXPERIENCE FOR NEXT PHASE OF GROWTH Strong growth in production since 2022, with future growth underpinned by Vietnam 56.2 MMboe 2P 8 years 2P reserves life KBOE/D Base production Vietnam 2C1 YE 2025 Growth since 2022 driven by: • Development of Akatara gas
Slide 14: Established Operator in Four Countries: Diversified Portfolio
ESTABLISHED OPERATOR IN FOUR COUNTRIES: DIVERSIFIED PORTFOLIO WITH ORGANIC GROWTH UPSIDE INDONESIA AUSTRALIA MALAYSIA VIETNAM AKATARA CWLH MONTARA STAG PENMAL PSCs 46/07 & 51 37% 19% 16% 17% 11% 77% Share of YE 2025 2P reserves1 Share of YE 2025 2P reserves1 Share of YE 2025 2P reserves1 Share of YE
Slide 15: Akatara: Stable, Cash Generative Operations
AKATARA: STABLE, CASH GENERATIVE OPERATIONS THE ASSET IN BRIEF 6.1 kboe/d Production (Avg. 2025) First gas achieved in July 2024 with full commissioning in December 2024 Production performance above expectations – 94% Akatara (Indonesia) 21.0 MMboe1 uptime and gross output of ~6.1 kboe/d5 2P reserve
Slide 16: Akatara: High Plant Reliability Drives Stable Operations
AKATARA: HIGH PLANT RELIABILITY DRIVES STABLE OPERATIONS Akatara facility Production outlook (100% basis) KBOE/D 6.1 2025 2026e 2027e 2028e 2029e 2030e • The Akatara field lies within the Lemang PSC located onshore Sumatra, close to major • Strong performance from Akatara, with gross average Akatara
Slide 17: CWLH: Generating Significant Cash Flow with Pre-Funded ABEX
CWLH: GENERATING SIGNIFICANT CASH FLOW WITH PRE-FUNDED ABEX THE ASSET IN BRIEF 3.5 kboe/d Production (Avg. 2025) High cash flow asset enhancing production base – operated by Woodside (50%) Low decline rate and low unit operating costs 10.9 MMboe contribute to high-value barrels 2P reserves (YE 2025)
Slide 18: CWLH: Low Decline Rate and Low Unit Operating Costs
CWLH: LOW DECLINE RATE AND LOW UNIT OPERATING COSTS CONTRIBUTE TO HIGH-VALUE BARRELS CWLH facilities Production development and outlook (100% basis) KBBLS/D 2026 production reflects scheduled five-year FPSO turnaround 11.6 12.0 11.4 10.9 2022 2023 2024 2025 2026e 2027e 2028e 2029e 2030e • FPSO with
Slide 19: PenMal: Adding Further Value Through Infill Drilling
PENMAL: ADDING FURTHER VALUE THROUGH INFILL DRILLING THE ASSET IN BRIEF 3.5 kboe/d Production (Avg. 2025) Located offshore Penisular Malaysia, consisting of oil and gas fields and development upside PenMal (Malaysia) Four operated PSCs, two of which are currently 5.9 MMboe producing 2P reserves (YE
Slide 20: Vietnam: Nam Du/U Minh Development Ready Gas Resource Pending FDP Approval
VIETNAM: NAM DU/U MINH DEVELOPMENT READY GAS RESOURCE PENDING FDP APPROVAL THE ASSET IN BRIEF 93.9 MMboe 2C resources (YE 2024) High-quality, Miocence age reservoirs with projected recovery factors > 80% A key near-term domestic supply option to ~180 Bcf 2C resource meet projected SW Vietnam gas dem
Slide 21: Vietnam: Phased Development Concept
VIETNAM: PHASED DEVELOPMENT CONCEPT, FOCUSED ON REDUCING CAPEX AND MAXIMIZING RETURNS INDICATIVE PRODUCTION OUTLOOK (100% BASIS) INFRASTRUCTURE OVERVIEW MMSCFD (100% basis) 00 NAM DU - 2 wells Unmanned wellhead platform 50 00 50 Nam Du and U Minh Upside potential1 0 Year 1 Year ~20 • 100% interest i
Slide 22: Vietnam: Sovereign Resources Developed to Supply Ca Mau Industrial Complex
VIETNAM: SOVEREIGN RESOURCES DEVELOPED TO SUPPLY CA MAU INDUSTRIAL COMPLEX COMMENTS ASSET OVERVIEW • NDUM will supply the Ca Mau industrial complex • Strong local demand driven by numerous industrial users, including a power station, fertilizer plant and gas processing plant • Ca Mau currently suppl
Slide 23: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Outlook and catalysts ASSET ACTIVITY 2026 2027 2028 PENMAL PM323 Phase 9 infill drilling campaign Ohka CK4 remedial work, compressor re-wheel CWLH Per operator activity drydock and mooring chains FDP approved by Petrovietnam; final government NAM DU / U MINH Commercial
Slide 24: Protect the Base: Clear Focus on Operational Execution and Capital Discipline
PROTECT THE BASE: CLEAR FOCUS ON OPERATIONAL EXECUTION AND CAPITAL DISCIPLINE PRUDENT FINANCIAL STRATEGY • Continued focus on managing the cost base to protect and/or enhance margins • Price and liquidity risk mitigated through hedging, off-take and oil/gas mix • Extensive insurance program in place
Slide 25: Portfolio Growth While Maintaining a Focus on Cost Control
PORTFOLIO GROWTH WHILE MAINTAINING A FOCUS ON COST CONTROL Significant production growth in recent years while maintaining good cost control across the portfolio BOE/D US$MM – Total production costs1 Production (lhs) Total production costs (rhs) 25,000 700 600 20,000 19,829 18,696 500 15,000 400 13,
Slide 26: Capex Allocated Towards Low-Risk Developments Within Producing Fields
CAPEX ALLOCATED TOWARDS LOW-RISK DEVELOPMENTS WITHIN PRODUCING FIELDS Historical capex and capex outlook Comments US$MM • Significant investment activity in recent years as demonstrated by the successful Akatara project Historical capex 2026 capex Capex outlook guidance of US$50–80 MM • Approximatel
Slide 27: Base Case Production Outlook Leads to Significant Unlevered Free Cash Flow
BASE CASE PRODUCTION OUTLOOK LEADS TO SIGNIFICANT UNLEVERED FREE CASH FLOW GENERATION Resilient production outlook… …..delivers material unlevered FCF through the end of the decade3,4 KBOE/D Base production Vietnam 2C1 US$MM US$ 60/bbl US$ 65/bbl US$ 75/bbl US$ 85/bbl 700 8 years 17 years 600 2P res
Slide 28: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Diversified and • UK-listed independent upstream company focused on production and development in the Asia-Pacific region – no wildcat exploration differentiated Asia- • Established onshore and offshore operator in Australia, Malaysia and Indonesia, three of the top five pr
Slide 29: Agenda
AGENDA 1. Introduction to Jadestone Energy 2. Operations 3. Appendix 29
Slide 30: Safety and Sustainability at the Forefront of Our Thinking
SAFETY AND SUSTAINABILITY AT THE FOREFRONT OF OUR THINKING ⚫ Zero life altering events during 2025 ⚫ No material environmental incidents during 2025 ⚫ Consistent safety track record across operations — > 9 million man-hours worked without an LTI at Akatara under Jadestone’s operatorship through the
Slide 31: Montara: Foundation Asset with Consistent Premium to Brent
MONTARA: FOUNDATION ASSET WITH CONSISTENT PREMIUM TO BRENT THE ASSET IN BRIEF 4.3 kboe/d Production (Avg. 2025) Foundation asset for Jadestone acquired in 2018 Consistently achieved premium to Brent oil 9.0 MMboe price – realized oil price of US$72.2/bbl in 2025 2P reserves (YE 2025) Significant foc
Slide 32: Stag: Low Decline Asset with High Premium Crude
STAG: LOW DECLINE ASSET WITH HIGH PREMIUM CRUDE THE ASSET IN BRIEF 2.0 kboe/d Production (Avg. 2025) Developed oil producing field, located 60 kilometres offshore Western Australia Produces heavy sweet crude, typically sold at a 9.4 MMboe significant premium to Dated Brent 2P reserves (YE 2025) Real
Slide 33: Asset Overview
ASSET OVERVIEW Licence Working Water Country / Jurisdiction Region Licence / block Asset portfolio Status Partners Operator Location Acreage size expiry interest depth Prod. License AC/L7 Australia Timor Sea Montara Indefinite 100% Production - Jadestone Offshore 77m 672 sq. km and AC/L8 Australia C
Slide 34: Active Risk Management Through Hedging and Liquidity Focus
ACTIVE RISK MANAGEMENT THROUGH HEDGING AND LIQUIDITY FOCUS ✓ Jadestone has a very active risk management Commodity Price Hedging Treasury culture with commodity, FX and interest rate exposure continuously being monitored and managed where applicable • The Group’s hedging policy is a key component of
Slide 35: Group Decommissioning Overview
GROUP DECOMMISSIONING OVERVIEW Current Group abandonment expenditure schedule Key points US$MM • Manageable levels of decommissioning activity and expenditure through 75 end of decade – Projected Group abex over 2026-2030 period = ~US$60 MM 65 • Majority of 2P abex expected to occur in the 2030s 55
Slide 36: Top Tier Board of Directors
TOP TIER BOARD OF DIRECTORS WITH THE SKILLS AND EXPERIENCE TO DELIVER JADESTONE’S STRATEGY ADEL CHAOUCH T. MITCH LITTLE ANDREW FAIRCLOUGH LINDA BEAL Senior Independent Executive Chairman Executive Director, CEO Executive Director, CFO Director • 30 years of International experience • Over 30 years i
Slide 37: Notifiable Shareholders as of 31 January 2026
NOTIFIABLE SHAREHOLDERS AS OF 31 JANUARY 2026 Tyrus Capital 28.42% Fidelity International 9.53% Hargreaves Lansdown 7.15% Livermore Partners 5.91% Interactive Investor 4.58% River Global Investors 4.29% UBS Wealth Management 3.34% (1) AIM Rule 26 requires, inter alia, that an AIM company make availa
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