Slide 1: First Quarter Results (Period Ending June 30, 2017) & Outlook
First Quarter Results (Period Ending June 30, 2017) & Outlook August 29, 2017
Slide 2: Disclaimer & advisories
Disclaimer & advisories Disclaimer You must read the following before continuing. The following applies to this document, the presentation of the information in this document, and any question‐and‐answer session that may follow (collectively, the "Presentation"). In viewing the Presentation, you agr
Slide 3: Advisories
Advisories Forward Looking Statements Information Certain statements in this presentation are forward looking statements and information (collectively “forward looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securi
Slide 4: Advisories
Advisories ⚫ "Operating netback" is a common non-GAAP metric used in the oil and gas industry. This measure assists management and investors to evaluate the specific operating performance by product at the oil and gas lease level. Operating netback is calculated as realised price less royalties, ope
Slide 5: Agenda
Agenda Webcast presentation: quarter ended June 30, 2017 1 Paul 1 Blakeley ⚫ Introduction & highlights for the quarter 2 Dan Young ⚫ Financial review Paul 3 Blakeley ⚫ Asset highlights, Conclusion Robin 4 Martin ⚫ Questions 5
Slide 6: Highlights for the quarter ended June 30, 2017
Highlights for the quarter ended June 30, 2017 Final quarter of Stag under transitional operatorship with a heavy work period ⚫ Recorded zero reportable incidents across portfolio HSE focus ✓ ⚫ Ogan Komering achieves 2.5 million man hours with no LTI Production ⚫ Average production of 4,059 boe/d fo
Slide 7: Financial review—key headlines
Financial review—key headlines Jadestone reports a 5% increase in production but results impacted by extensive workovers at Stag and transitional operatorship Overview Average production (net WI) and hydrocarbon prices ⚫ 5.2% increase in production in the quarter versus March exit Jun 30, Mar 31, Qu
Slide 8: Financial results: quarterly cash bridge
Financial results: quarterly cash bridge US$’000s US$’000s Cash balance Qtly ordinary cashflow Qtly non-recurring cashflow1 30,000 Before non-recurring items, Stag was approaching cashflow 11,953 positive, despite the increased downtime during the quarter 25,000 20,000 Ogan Komering 10,113 9,700 15,
Slide 9: Adjusted operating loss and EBITDAX
Adjusted operating loss and EBITDAX Jadestone reported ~US$8mm of non-recurring costs in the June quarter June 30, 2017 Depletion, depreciation, June 30, US$’000s Reported Non-recurring exploration Adjusted 2016 Revenue 18,134 18,134 Cost of sales (24,621) (8,131) (16,490) Depletion, depreciation, m
Slide 10: 2017 calendar guidance is unchanged
2017 calendar guidance is unchanged Key focus on H2 2017—period post transfer of Stag operatorship on July 10, 2017 Key metrics for remainder of the calendar year Other significant potential future events ⚫ Stag performance ⚫ 4,300—4,800boe/d (net working interest) for the remainder Production of ca
Slide 11: Embedded value in the current asset base
Embedded value in the current asset base Downside de-risked with two cashflow generating assets and C$5.04+ NAV/share upside NAV bridge, US$mm NAV bridge, C$/share8 US$mm Existing JSE asset Subject to PVN pre-emption3 C$/share Existing JSE asset Subject to PVN pre-emption3 1,200 7 1,051 6 5.93 1,000
Slide 12: Stag
Stag Jadestone has already implemented several initiatives to boost production and lower costs at Stag, while having completed its first NOPSEMA audit Stag monthly production and operating costs, 2017 Milestones in tier 1 regulatory environment bbl/d US$mm ⚫ Digital asset live: Jun 2, 2017 4,000 8 P
Slide 13: Stag: Production post operator change
Stag Production post operator change Well & topside production and opex optimisation plan Stag strategic plan bbl/d First six Year one to Year three 4,000 months year three to year five Well/topside 3,500 production optimisation 3,000 Opex optimisation 2,500 Infill drilling 2,000 Work Overs ESP opti
Slide 14: Ogan Komering outlook
Ogan Komering outlook Maximising returns on investment prior to PSC renewal ⚫ Adhering to highest HSE standards: 2.544 million manhours without LTI ⚫ Stable, reliable production ⚫ Process modifications at Mandala increasing sales gas by 8% with further potential to increase gas sales by re- perforat
Slide 15: Ogan Komering outlook
Ogan Komering outlook Value delivery beyond PSC renewal Existing discoveries ready to be developed Value delivery beyond PSC renewal ⚫ Progress early development of existing gas discoveries ⚫ Jantung Baru, North Meraksa and Bandar Agung ~100 Bcf ⚫ Exploration upside ⚫ Prospective resources identifie
Slide 16: Jadestone continues to accelerate development of its Vietnamese 2C gas resources
Jadestone continues to accelerate development of its Vietnamese 2C gas resources Select highlights ⚫ 202bcf of gas and 0.7mm bbls of liquids, 2C net resource ⚫ Commercialised as backfill gas for Talisman’s PM-03 development, Plann ed Southwest as fixed price domestic Vietnamese gas pipeli Vietnam: ⚫
Slide 17: Jadestone Energy investment case
Jadestone Energy investment case Delivering exceptional growth, value and cashflow through operating capability, technical excellence, regional knowledge and relationships Proven ⚫ Track record of exceptional value creation & entrepreneurial flair; deep experience with oil majors and large-cap manag
Slide 18: Questions
Questions
Slide 19: Appendix
Appendix
Slide 20: Jadestone Energy, portfolio overview and net asset value
Jadestone Energy, portfolio overview and net asset value Snapshot Select blocks, ordered by expected commercialisation1 2P 2C Target production Block W.I. (%) (mm boe) (mm boe) Operator (net WI) / status 17.8 Stag 100% N/A Jadestone 3,000-3,500bbl/d (100%) 1 Ogan Reserves estimated JOB with 50% ~1,3
Slide 21: Jadestone Energy strategic focus
Jadestone Energy strategic focus Asia Pacific strategic focus with a proven business model and resilient Balance Sheet Value creation Balanced portfolio Focused approach Prioritise margin Balanced portfolio of Focus on select core areas in improvement and accretive production and APAC, a region with
Slide 22: Reserves & production
Reserves & production Stag’s 2P reserves increased by over 3.5mm bbls from July 2016, including production 2 3 Select comments 2P Reserves and 2C Resources net to Jadestone, mmboe mmbbls ⚫ Stag’s 2P reserves at acquisition estimated at 14.6mm bbls 100% oil 2P Reserves2, March 2017 (GCA) 20 6 18 ⚫ 2P