Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Investor Presentation (February 2025)
32 slides from Jadestone Energy's investor presentation, February 2025
Slide 1: Creating the Leading Asia-Pacific Independent Upstream Company
Investor Presentation CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY February 2025
Slide 2: Disclaimer
Investor Presentation 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
Slide 3: Jadestone at a Glance
Investor Presentation JADESTONE AT A GLANCE • Strategic aim - become the leading Asia- 68.3 MMboe 19-22,500 boe/d 2P reserves 2025 Production Guidance Pacific upstream company: 31.12.24 — Maximizing the value of existing oil fields — Development of gas resources — Target accretive transactions US$27
Slide 4: Diversified Platform Provides Exposure to Growing Upstream Markets
Investor Presentation DIVERSIFIED PLATFORM Oil PROVIDES EXPOSURE Gas & Liquids TO GROWING Gas UPSTREAM MARKETS 1 2024 2025 projected production oil:gas split Akatara Stag CWLH PenMal Oil Montara Sinphuhorm Gas (1) Pre 10% government back in February 2025 4
Slide 5: Asia-Pacific – Growing Economies with Increasing Energy Demand
Investor Presentation ASIA-PACIFIC – GROWING ECONOMIES WITH INCREASING ENERGY DEMAND Why Asia-Pacific? Why Jadestone? Home to >50% of the world’s population …a region increasingly short • Proven ability to operate growing strongly1… on domestic gas production2 across multiple jurisdictions in the re
Slide 6: Portfolio Growth and Diversification
Investor Presentation PORTFOLIO GROWTH AND DIVERSIFICATION Evolution of 2P reserves Diversification of reserves supports seven producing assets from 2024 • Reserves increased by 63% over 2019-2024 period • From two producing assets in 2019 to seven in 2024 • Gas reserves added to the portfolio for •
Slide 7: A Driven Leadership Team Focused on Delivering Shareholder Value
Investor Presentation A DRIVEN LEADERSHIP TEAM FOCUSED ON DELIVERING SHAREHOLDER VALUE Recent Leadership Changes Stakeholder Engagement Future Roadmap • Leadership changes position • Meetings with shareholders • Near-term: operational excellence Jadestone to capitalize on recent – High uptime at key
Slide 8: Recent Leadership Changes Support Next Phase of Jadestone's Growth
Investor Presentation RECENT LEADERSHIP CHANGES SUPPORT NEXT PHASE OF JADESTONE’S GROWTH ADEL CHAOUCH JOANNE WILLIAMS Executive Chairman Chief Operating Officer • 30 years of experience in energy • Previously CEO of • 25+ years in upstream oil • Technical and executive roles and infrastructure secto
Slide 9: Jadestone's Investment Case
Investor Presentation JADESTONE’S INVESTMENT CASE Existing Portfolio Growth • Diversified production • High premium oil production Organic Non-organic • Seven assets across four • Vietnam gas • Operator experience and countries • Fixed price gas production capability • Malaysia upside • Add value th
Slide 10: Jadestone Is Significantly Undervalued Relative to Its Closest Peers
Investor Presentation JADESTONE IS SIGNIFICANTLY UNDERVALUED RELATIVE TO ITS CLOSEST PEERS 2025 EV/EBITDA – Jadestone vs. E&P peers1 2025 EV/Production – Jadestone vs. E&P peers1 2025 EV/Operating Cash Flow – Jadestone vs. E&P peers1 Price to Total NAV– Jadestone vs. E&P peers2 Jadestone’s shares re
Slide 11: Optimizing Cash Generation to Drive Growth, Flexibility and Shareholder Returns
Investor Presentation OPTIMIZING CASH GENERATION TO DRIVE GROWTH, FLEXIBILITY AND SHAREHOLDER RETURNS Near-term financial priorities Medium-term financial priorities • Operational and financial • Strict approach to capital • Deliver 2025-2027 • Deliver funding solutions discipline allocation unlever
Slide 12: 2025 Guidance and Priorities
Investor Presentation 2025 GUIDANCE AND PRIORITIES Metric 2025 Guidance Comments 2025 Priorities Group 19,000 – 22,500 c.11% growth vs. 2024 at the midpoint • Safe operations Production boe/d – Would be another annual record for Jadestone Growth vs. 2024 driven by: • Deliver against production – Ful
Slide 13: Assets
ASSETS
Slide 14: Akatara: Stable, Cash Generative Operations
Investor Presentation AKATARA: STABLE, CASH GENERATIVE OPERATIONS AT THIS KEY ASSET FOR JADESTONE • >8 MM manhours worked without an LTI • 97% plant uptime in January 2025 • Stable gas, condensate and LPG revenue • YTD 2025 gross production of c.6,300 boe/d • c.US$8 MM monthly revenue1,2 • Low opex
Slide 15: Lemang PSC: Accelerating Value
Investor Presentation LEMANG PSC: Lemang PSC prospects ACCELERATING VALUE and leads 2025 • Improve Akatara plant operability • c.US$4 MM approved spend in 2025 • Activity carried out during 2025 2026+ • Debottlenecking project • Accelerates commercialization of up to 3.5mmboe of reserves • 100% IRR
Slide 16: CWLH: Outperforming and Generating Significant Cashflow
Investor Presentation CWLH: OUTPERFORMING AND GENERATING SIGNIFICANT CASHFLOW Key Highlights Okha FPSO • 33.33% stake in a high-quality, high reliability asset – Very large original oil-in-place of c. 900 mmbbls – Very low decline rate and long life • High uptime and better well performance than exp
Slide 17: Montara: Maximizing Uptime and Resiliency
Investor Presentation MONTARA: MAXIMIZING UPTIME AND RESILIENCY • Montara Venture FPSO uptime benefitted significantly from recent repairs and maintenance activity – Uptime1 averaged 92% in 2024 • Proactive well management to maximize oil production • Targeting increase in FPSO tank capacity c.600,0
Slide 18: Skua-11ST: Quick Payback, Strong Returns, Extends Montara Economic Life
Investor Presentation SKUA-11ST: QUICK PAYBACK, STRONG RETURNS, EXTENDS MONTARA ECONOMIC LIFE • Skua-11ST well trajectory is SK-11ST1 well trajectory designed to accelerate recovery and proposed of reserves from the Skua SK-10ST3 structure target (red shading • Valaris 247 expected on hire in denote
Slide 19: Montara: Late Life Asset Philosophy to Extend Economic Life
Investor Presentation MONTARA: LATE LIFE ASSET PHILOSOPHY TO EXTEND ECONOMIC LIFE • Montara and surrounding discoveries estimated to contain c.350 Bscf of gas resources • Potential to backfill regional LNG facilities with low CO2 gas • May unlock tax credits to offset cost of eventual Stag and Monta
Slide 20: PenMal: Add Further Value Through Infill Drilling and License Extension
Investor Presentation PENMAL: ADD FURTHER VALUE THROUGH INFILL DRILLING AND LICENSE EXTENSION • PenMal operations achieved >2 MM Proposed trajectory of East Belumut safe man-hours without an LTI since Phase 9 campaign August 2021 wells into undrained • Current production c.4,400 boe/d SW area of the
Slide 21: Vietnam: Commercializing a Significant Gas Resource
Investor Presentation VIETNAM: COMMERCIALIZING A SIGNIFICANT GAS RESOURCE • 100% interest in Block 46/07 and Block 51 PSCs – Contain the Nam Du, U Minh (“NDUM”) and Tho Chu discoveries • High-quality reservoirs with >1,000mD permeability and very low CO2 levels (~3%) • High-quality 3D seismic data c
Slide 22: Nam Du/U Minh: The Only Realistic Option to Meet Ca Mau Gas Shortage
Investor Presentation NAM DU/U MINH: THE ONLY REALISTIC OPTION TO MEET CA MAU GAS SHORTAGE • NDUM will supply the Ca • PM3 production in Mau industrial complex sharp decline • Ca Mau currently • NDUM offers the only supplied from the PM3 new source of gas to Commercial Agreement meet Ca Mau demand A
Slide 23: Sinphuhorm – Stable Gas Production
Investor Presentation SINPHUHORM – STABLE GAS PRODUCTION Infill drilling, booster compressor and strong demand boosts • Low-risk, long-plateau gas production recent production (mmscf/d) – Highly predictable reservoir – Recent infill wells have outperformed • Low-cost operations, with a lifting cost
Slide 24: Stag - Stable Mature Asset Commanding a Significant Premium to Brent
Investor Presentation STAG - STABLE MATURE ASSET COMMANDING A SIGNIFICANT PREMIUM TO BRENT • Mature oil field, currently Proposed trajectories producing c.2,000 bbls/d of Stag 52H • Low annual decline rates and 53H (<10%) wells • Medium heavy crude (19° API) and low H2S means Stag crude in high dema
Slide 25: Outlook and Catalysts
Investor Presentation OUTLOOK AND CATALYSTS Assets Activity 2025 2026 Skua-11ST Montara RIC Compressor upgrade Swallow-1 subsea intervention LLIs PM 323 (East Belumut) Phase 9 infill drilling campaign AGPF operability enhancement Akatara Debottlenecking project CWLH Per operator activity CK4 interve
Slide 26: Appendix
APPENDIX
Slide 27: Operated Platform Provides Unparalleled Growth Opportunity
Investor Presentation OPERATED Oil PLATFORM PROVIDES Gas & Liquids UNPARALLELED Gas GROWTH OPPORTUNITY Operating in Australia since 2017 — Production — HR operations — Commercial — HSE 1 — Legal — Supply chain — Logistics Operating in Malaysia since 2021 — PSC Management — Commercial & Legal — Subsu
Slide 28: Highly Experienced Board with Significant Public Market Skill-Set
Investor Presentation HIGHLY EXPERIENCED BOARD WITH SIGNIFICANT PUBLIC MARKET SKILL-SET ADEL CHAOUCH LINDA BEAL JOANNE WILLIAMS DAVID NEUHAUSER Executive Chairman Senior Independent Director Independent Non-Exec Director Non-Exec Director • 30 years of international • Over 30 years of experience • R
Slide 29: Excellent HSE Record Underpins Credibility as Asia-Pacific Operator
Investor Presentation EXCELLENT HSE RECORD UNDERPINS CREDIBILITY AS ASIA-PACIFIC OPERATOR Safety Regulatory Environment • No material safety events in 2024 • Zero regulatory enforcement actions • No material environmental incidents during 2024 in 2024 • >8 MM man-hours worked at Akatara without an L
Slide 30: Jadestone's Oil Sales Command a Consistent Premium to Brent
Investor Presentation JADESTONE’S OIL SALES COMMAND A CONSISTENT PREMIUM TO BRENT Oil realisations (US$/bbl) Hedging summary • Jadestone’s oil sales have historically • Jadestone’s policy is to hedge to support debt commanded a healthy premium to Brent and/or major capital expenditure • Stag sales i
Slide 31: Summary Financials
Investor Presentation SUMMARY FINANCIALS 2019 2020 2021 2022 2023 20241 Production (boe/day) 13,531 11,438 12,545 11,487 13,813 18,696 Realized oil price per barrel (US$/bbl) 69.07 44.79 74.34 103.85 87.40 85.21 Realized premium to Brent (US$/bbl) 4.97 4.17 3.39 7.80 5.70 3.76 Revenue (US$ MM) 325 2
Slide 32: Thank You
For further information, please contact: PHIL CORBETT Head of Investor Relations ir@jadestone-energy.com THANK YOU February 2025
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