Jadestone Energy Plc · LSE:JSE
Jadestone Energy — H1 2024 Earnings Presentation
20 slides from Jadestone Energy's earnings presentation, Sep 17, 2024
Slide 1: Half-year 2024 results
Half-year 2024 results 17 September 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: H1 2024 results introduction
H1 2024 results introduction Growth H1 production +37% year-on-year, driven by a growing and increasingly diversified portfolio Cost control Underlying operating costs broadly flat year-on-year, despite production growth Cash flow Cash flow from operations (pre working capital, tax) increases US$52
Slide 4: Strategic delivery during H1 2024
Strategic delivery during H1 2024 Strategic drivers H1 2024 delivery Acquire producing mid-life oil assets and discovered gas resources in Asia-Pacific CWLH 2 acquisition completed in February 2024 ✓ SFA Cluster PSC award in July 2024 ✓ Add additional reserves and production volumes through low risk
Slide 5: H1 2024: recovery in operational and financial performance
H1 2024: recovery in operational and financial performance Production Revenue Op cashflow pre-tax & w/c (1) Net cash / (debt) boe/d US$ million US$ million US$ million 18,000 250 120 117 125 118 123 16,867 226 100 16,000 200 82 185 15,008 90 75 14,000 150 138 50 57 54 12,339 116 60 12,116 25 12,000
Slide 6: H1 2024 summary profit or loss statement
H1 2024 summary profit or loss statement Consolidated profit or loss statement (US$ million) - summary H1 2023 H1 2024 ∆ Comment Revenues 86.7 185.1 98.4 Increase in liftings the main driver, offset by US$15 million due to hedging Production costs (90.7) (136.3) (45.7) Impact of CWLH 2 acquisition a
Slide 7: Base/underlying production costs analysis
Base/underlying production costs analysis H1 2023 production cost analysis (US$ million) H1 2024 production cost analysis (US$ million) (1) (2) (2) On a like-for-like basis, operating costs nearly constant year-on-year (1) H1 2023 non-recurring opex main components: Montara tanker hire (US$6.1mm), M
Slide 8: H1 2024 cash bridge
H1 2024 cash bridge Reconciliation of cash from 1 January 2024 to 30 June 2024(1) – US$ million Operating cash flows Investing cash flows Financing cash flows 31 December 2023 30 June 2024 Total inventory and underlift (bbls) 102,965 713,230 (1) Totals may not add due to rounding,. Some of the group
Slide 9: Liquidity and RBL update
Liquidity and RBL update Liquidity as of 30 June 2024 (US$ million) ⚫ c.US$153 million liquidity at end of June 2024 — US$121 million unrestricted cash, — US$32 million working capital facility, remaining undrawn W/cap facility, — RBL fully drawn at US$200 million 32 — Net debt(1) of US$69 million a
Slide 10: Akatara onstream in July 2024
Akatara onstream in July 2024 First commercial gas sales into the TGI pipeline – July 2024 ⚫ 7.4 million manhours worked without an LTI in H1 2024 ⚫ Key recent milestones: — June: ▪ Achieved mechanical completion ▪ Introduced reservoir gas into the facility ▪ Commenced condensate production — July:
Slide 11: Akatara - economic summary
Akatara - economic summary ⚫ Jadestone working interest 90%(1) Illustrative gov./contractor take during max. cost recovery(3) 10 10 ⚫ 2P reserves of 23.3 mmboe(1,2,4) at 31.12.23 0 0 0 — Total production (at sales gas daily contract quantity) c.6,000 boe/d(2) gross 100 90 90 ⚫ Pricing — Sales gas: U
Slide 12: Montara – improved reliability and performance
Montara – improved reliability and performance Montara FPSO gas engine turbine change out ⚫ Excellent facilities reliability and uptime 2024 year-to-date: — Reliability: 98% — Facility uptime(1): 95% ⚫ Tank inspection and repair programme — Progressing well, allowing for increased oil storage capaci
Slide 13: SFA Cluster award - adding significant growth potential
SFA Cluster award - adding significant growth potential ⚫ Covers an area of 348km2 in shallow water offshore Peninsular Malaysia ⚫ Potentially material impact on Jadestone’s reserves and production — Estimated c.15mmbbls of gross 2C contingent resources. — The SFA Cluster fields were producing at a
Slide 14: Portfolio update
Portfolio update CWLH • Production has outperformed year-to-date • Production inline PenMal • Planning for future infills following 2023 PM323 drilling success • YTD production impacted by weather downtime and workover backlog Stag • July lifting realises a c.US$11/bbl premium to Brent • Gas sales n
Slide 15: 2024 guidance
2024 guidance Guidance Comments ⚫ Unchanged Group production 18,500 – 21,000 boe/d ⚫ Year-to date (August) 2024 production of c.17,500 boe/d ⚫ Expected outcome towards the lower end of the range, given year-to- date production and ongoing Akatara activities ⚫ Unchanged Operating costs US$240 – 280 m
Slide 16: The Jadestone investment case
The Jadestone investment case Uniquely positioned to capitalise on fast-growing energy demand in Asia Creating value through acquiring existing oil assets and developing discovered gas Deep and supportive relationships with national oil companies and regulators Established regional operating platfor
Slide 17: Q&A
Q&A H1 2024 results review, 17 September 2024
Slide 18: Appendix
Appendix H1 2024 results review, 17 September 2024
Slide 19: Oil pricing and hedging
Oil pricing and hedging Oil realisations (US$/bbl) Hedging outlook (volume in column, label = average price in quarter) 120 1,000,000 71.0 70.81 7.8 900,000 70.5 100 4.6 800,000 69.66 8.9 70.0 69.91 80 700,000 3.4 68.29 1.6 5.0 69.5 barrels hedged 600,000 69.01 US$/bbl 60 500,000 970,700 69.0 4.2 96
Slide 20: Funding CWLH abex payments via lifting proceeds
Funding CWLH abex payments via lifting proceeds CWLH 2 actual and projected lifting schedule (top chart, kbbls) and abex trust funding schedule (bottom chart, US$ million) 700 600 Actual 653kbbls lifted in March 2024 500 for gross proceeds of US$56.4mm 400 300 653 650 200 100 -- (3) Jan-24 Feb-24 Ma