Slide 1: Full-year 2023 results
Full-year 2023 results 29 April 2024
Slide 2: Disclaimer and advisories
Disclaimer and advisories You must read the following before continuing. The following applies to this document and any part of it, the oral presentation of The content of the Presentation has not been approved by an authorised person within the meaning of the Financial Services and the information
Slide 3: A pivotal year in Jadestone's growth and diversification
A pivotal year in Jadestone’s growth and diversification Diversification Successfully transitioning towards higher-quality, higher-margin assets A record year of Record investment in 2023 to support growth and diversification investment Operational focus Excellent safety performance in 2023, improvi
Slide 4: Jadestone's future – lower opex, higher NPV assets
Jadestone’s future – lower opex, higher NPV assets Unit NPV10/2P boe (US$) at 31.12.2023 (1) 2024 unit opex/boe (US$) (2) 14 70 Targeting higher value barrels for 12 growth 60 Investment in legacy assets ensures facility Managing and 10 50 integrity while maximising the maximising value of mature re
Slide 5: A pivotal year in Jadestone's transition
A pivotal year in Jadestone’s transition Growth 2P reserves development 2019-23 (mmboe) Investment (capex + acquisitions) – US$ million Akatara 80 200 Stag Capex Montara CWLH 2 180 Acquisitions 70 PM323 2024 capex PM329 160 guidance CWLH 1 SPH 60 Akatara 140 Sinphuhorm 50 (1) CWLH 1 CWLH 2 120 40 10
Slide 6: Safety and sustainability at the forefront of our thinking
Safety and sustainability at the forefront of our thinking ⚫ Zero lost time injuries (“LTI”) across Jadestone’s operations in 2023 ⚫ 6 million man-hours worked at Akatara through the development phase without an LTI ⚫ 1.5 million man-hours worked at the PenMal assets since acquisition without an LTI
Slide 7: 2023: operational and financial recovery
2023: operational and financial recovery Production (mmboe) Revenue (US$ million) Op cashflow(1) (US$ million) Net cash/(debt) (US$ million) 6.0 450 175 150 5.0 400 5.0 150 125 350 309 125 4.0 300 100 H2 2.8 250 100 3.0 75 200 422 158 H2 223 75 118 123 4.6 340 36 2.0 4.2 150 50 50 91 100 1.0 H1 2.2
Slide 8: 2023 profit and loss summary
2023 profit and loss summary Consolidated profit or loss statement and (US$ million) 2022 2023 ∆ Comment Revenues 421.6 309.2 (112.4) One third from lower liftings and two-thirds from lower realised oil price Production costs (250.3) (232.8) 17.5 Mostly due to impact of inventory movements – see sli
Slide 9: Base/underlying operating costs broadly unchanged y-o-y
Base/underlying operating costs broadly unchanged y-o-y 2022 operating cost analysis (US$ million) 2023 operating cost analysis (US$ million) (1) (2) On a like-for-like basis, operating costs flat, despite inflationary environment (1) 2022 non-recurring opex: PNLP FPSO repairs (US$4.1mm), Skua-10/11
Slide 10: FY 2023 cash bridge
FY 2023 cash bridge Reconciliation of cash from 1 January 2023 to 31 December 2023(1) –US$ million Operating cash flows Financing cash flows Investing cash flows (1) Totals may not add due to rounding,. Some of the groupings in the chart above represent a recategorisation of the 2023 consolidated st
Slide 11: Liquidity and RBL update
Liquidity and RBL update RBL evolution (US$ million) March 2024 liquidity (US$ million) ⚫ c.US$146 million liquidity at end of March 2024 — US$114 million unrestricted cash, US$32 million w/cap 200 facility, remaining undrawn + 10 — RBL fully drawn at US$200 million 190 W/cap facility, — Net debt of
Slide 12: Akatara on track for first gas by end of Q2 2024
Akatara on track for first gas by end of Q2 2024 Akatara Gas • Major construction and equipment installation completed Processing • Final construction works, cable runs and instrumentation installation ongoing Facility • Still targeting first commercial gas sales by end of Q2 2024 • Four of five wel
Slide 13: Akatara: Significant progress made in last 12 months
Akatara: Significant progress made in last 12 months AGPF: April 2023 AGPF: April 2024 Fast track construction of a full processing facility, sales pipeline installation and five well workover programme in a very remote location 13 | 29 April 2024 Full-year 2023 results
Slide 14: Multiple workstreams preparing for first gas in Q2 2024
Multiple workstreams preparing for first gas in Q2 2024 Gas engine generators - preparing for Training of operations and maintenance 17km sales gas pipeline completed run test personnel and successfully hydrotested Akatara sales gas pipeline tied into trunkline at Four well workovers completed, thre
Slide 15: Akatara – remaining workscope towards first gas
Akatara – remaining workscope towards first gas January February March April May June Mechanical equipment installation Steel structure installation Field welding Electrical and instrument tray/cable installation Sales gas pipeline (clean, test and purge) Sales gas tie-in to trunkline AGPF(1) piping
Slide 16: Malaysia – adding value
Malaysia – adding value ⚫ PM323 drilling campaign delivered 4.2 mmbbls gross 2P reserves — IRR > 100% PM329 — Payback < 1 year ⚫ Preparations underway for 2025-26 infill drilling campaigns — PM323: Focus on undrained southwestern area of the East Belumut field Puteri — PM329: East Piatu infill wells
Slide 17: 2023 drilling campaign success derisks 2025 infill campaign
2023 drilling campaign success derisks 2025 infill campaign 1km 2023 drilling campaign best practice learnings Drilling and Subsurface completion Facilities Main Pre-drill saturation Reutilisation of Integrated vessel logging surplus equipment sharing Ultra-deep Reutilisation of Parallel offline res
Slide 18: Australian asset update
Australian asset update CWLH ⚫ Increased working interest to 33.33% through acquisition of a second stake in February 2024. ⚫ Asset outperformance since original acquisition extends economic life from 2031 to 2035, without further drilling ⚫ Reserves upgrade at year-end 2023. Montara ⚫ Tanks 5C and
Slide 19: Vietnam and Thailand update
Vietnam and Thailand update Vietnam ⚫ Gas sales Heads of Agreement for the Nam Du/U Minh development signed with PV Gas in January 2024 — Daily contract quantity of 80mmscf/d under a take-or-pay arrangement — Targeted minimum plateau period of 55 months — Competitive gas price comparable with that o
Slide 20: 164% 2P reserves replacement year-on-year
164% 2P reserves replacement year-on-year 2P reserves by asset - mmboe(1) 2C resources by asset - mmboe 4.4 1.2 0.9 3.8 3.9 5.1 Akatara 5.4 Tho Chu 23.3 12.3 Montara Nam Du Stag U Minh CWLH 1 6.8 68.0 mmboe CWLH 1 105.6 mmboe PM323 Thailand 17.9 63.7 Sinphuhorm PenMal PM329 Akatara 11.1 13.6 CWLH pe
Slide 21: 2024 guidance
2024 guidance Guidance Comments ⚫ Q1 2024 production of c.17,200 boe/d, impacted by weather downtime ⚫ Current internal forecasts point to lower end of range (assuming Akatara 20,000 – 22,000 boe/d onstream in June 2024) Group production (from 20,000 – 23,000 boe/d) ⚫ Wide range of outcomes dependin
Slide 22: A differentiated upstream operating platform in Asia-Pacific
A differentiated upstream operating platform in Asia-Pacific Existing portfolio Near-term production and cash flow growth driven by Akatara Organic growth Akatara, Malaysia upside and Vietnam gas drive medium-term value growth Inorganic growth Disciplined and selective acquisitions, leveraging estab
Slide 23: Q&A
Q&A FY 2023 results review, 29 April 2024
Slide 24: Appendix
Appendix FY 2023 results review, 29 April 2024
Slide 25: Oil pricing and hedging
Oil pricing and hedging Oil realisations (US$/bbl) Hedging outlook (volume in column, label = average price in quarter) 120 1,200,000 73 7.8 72 100 71.84 1,000,000 70.62 70.81 71 5.6 80 69.66 1.6 3.4 800,000 69.91 5.0 68.29 70 69.01 barrels 60 600,000 69 4.2 96.0 40 81.8 70.9 68 69.6 64.1 400,000 20