Slide 1: Full-year 2022 results
Full-year 2022 results 25 April 2023
Slide 2: Disclaimer & advisories
Disclaimer & 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 in
Slide 3: Getting back on track in 2023
Getting back on track in 2023 Getting back on • Production has averaged c.4,700 bbls/d since restart, with more wells and tanks becoming available in near-term track at Montara • Jadestone’s FPSO corrosion management policies and procedures have moved to a risk-based inspection regime Akatara on • A
Slide 4: Strategy in action
Strategy in action Montara Stag PenMal op Already delivered c.US$130 million of free Three infill wells drilled since acquisition, Improved uptime and reduced declines since cash flow. H6 infill well paid back in seven with Stag-50H & 51H flowing at a combined assuming operatorship, first infill wel
Slide 5: Update on Net Zero commitment
Update on Net Zero commitment Task 1: Business-as-usual Task 2: High-level GHG Mitigation Task 3: Net Zero Roadmap projections (Scope 1-2) roadmap (Scope 1-2) (Scope 1-2) GHG emission forecast methodology Feasibility studies for shortlisted reduction Identification of GHG emission reduction options
Slide 6: 2022 – a year of two halves
2022 – a year of two halves Production Revenue Operating cashflow pre w/c Net (debt)/cash mmbbls US$ million US$ million US$ million 5.0 450 200 175 FY: 422 FY: 4.2 400 FY: 158 150 4.0 350 150 H2: 196 H2: 32 125 H2 1.5 300 3.0 250 100 100 4.6 200 162 4.2 75 2.0 340 150 118 123 H1: 126 H1 2.7 50 218
Slide 7: Record annual realised price
Record annual realised price Record annual realisation in 2022 Premiums remain strong, influenced by Brent1 US$/bbl US$/bbl 120 Average Tapis premium to Brent Average Stag lifting premium 25 7.8 100 20 15 10 80 3.4 1.6 5.0 5 0 60 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 4.2 96.0 US$/bbl
Slide 8: Underlying operating costs broadly unchanged year-on-year
Underlying operating costs broadly unchanged year-on-year 2021 operating cost analysis 2022 operating cost analysis US$ million US$ million 300 300 250 250 38 200 200 25 47 20 13 6 150 150 251 212 100 100 168 171 50 50 0 - Actual 2022 CWLH opex PenMal Non-recurring Base 2022 Actual 2021 Skua 2021 Pe
Slide 9: Cash bridge – 2022 to March 2023
Cash bridge – 2022 to March 2023 Cash bridge from 1 January 2022 to 31 December 2022 Cash bridge from 1 January 2023 to 31 March 2023 US$ million US$ million Interim facility drawn down to fund Sinphuhorm acquisition 9 | 25 April 2023 Full-year 2022 results
Slide 10: Flexible funding framework underpins delivery of growth
Flexible funding framework underpins delivery of growth Funding Growth • Montara back on production Operating • Increasingly diversified cash flow with • Record year of investment in 2023 cash flow CWLH, Sinphuhorm and Akatara in 2024 ̶ Akatara development • Oil price, fixed and variable price gas C
Slide 11: 2023 guidance
2023 guidance 2023 guidance Comments Progress net zero ESG ⚫ Expect to announce asset-level decarbonisation plans by end 2023 commitment ⚫ Q1 2023 averaged just over 10,000 boe/d — Largely without Montara Group production (April- 13,500 – 17,000 boe/d ⚫ Lower end of the range assumes: December) — Pr
Slide 12: Significant reserves growth and replacement in 2022
Significant reserves growth and replacement in 2022 Jadestone 2P reserves at end-2022 Jadestone reserves and resources at end-2022 mmboe mmboe 80 300 70 2.4 4.2 250 60 128 16.8 Akatara 20.3 200 50 5.1 7 4 CWLH 5.1 40 11.2 150 297 PenMal 8.9 30 64 Montara 100 20.9 20 18.5 12 18 10 Stag 50 12.6 12.1 6
Slide 13: Montara now back onstream
Montara now back onstream Montara production since restart (bbls/d) H6, Skua-10 & Skua-11 in 12,000 different configurations H2, H6 & Skua-10 in different configurations 4-day 9,000 Cyclone ⚫ NOPSEMA General Direction closed in February 2023 Ilsa shut ⚫ Production resumed in March 2023 following pla
Slide 14: Montara update
Montara update Montara Venture FPSO schematic ⚫ Oil is currently being produced into oil tank 5C 3P ⚫ 4P and 4S water ballast tanks returned to service 1P ⚫ Oil tank 6C to be returned to service within coming weeks ⚫ Remaining oil tanks due to come back online sequentially 6C 5C 4C 3C 2C 1C followin
Slide 15: Stag – successful 2022 infill drilling campaign
Stag – successful 2022 infill drilling campaign Stag-50H drilled in NW Possible of Stag field, future infill (donor well location S-44H) S-50H S-51H Stag-51H drilled east of Stag field, donor well (S-38H) Possible future infill locations Possible water injector 15 | 25 April 2023 Full-year 2022 resu
Slide 16: Stag-50H and 51H Well Results
Stag-50H and 51H Well Results Stag-50H Stag-51H Landing Horizontal Landing Horizontal 72m blank 66m blank 81m blank Crossing Crossing Crossing Crossing 45H 37H 28H 38H ⚫ Targeted unswept oil in northwest of area of the Stag field by ⚫ Targeted unswept oil in eastern area of the Stag field by geostee
Slide 17: CWLH – a potentially game-changing asset for Jadestone
CWLH – a potentially game-changing asset for Jadestone Okha FPSO ⚫ Completed acquisition of 16.67% CWLH interest in November 2022 — Net receipt of US$5.75 million due to completion adjustment — Initial US$41 million paid into the North West Shelf Oil Project’s Abandonment Trust Fund — Additional US$
Slide 18: PenMal operated
PenMal operated PenMal operated production PenMal uptime – consistently ahead of plan GHG reduction options Infill drilling campaign should 100% ⚫ PM323 restore operated production back to Aug-21 levels — Optimisation of gas turbine generation, 99% implemented as of December 2022 98% — Flare gas inj
Slide 19: PM323 drilling campaign
PM323 drilling campaign PM323 schematic East Belamut infill drilling locations ⚫ Four infill wells planned – sidetrack from existing wells ⚫ 2 mmstb gross incremental reserves ⚫ Extends economic limit of PM323 by two years ⚫ Incremental peak gross oil production of 2-2,500 bbls/d ⚫ Total estimated p
Slide 20: Former non-op PenMal asset – redevelopment opportunity
Former non-op PenMal asset – redevelopment opportunity North Lukut Puteri 6 wells, unmanned 16 km, 12” pipeline Penara FPSO BUK 7 wells, manned 12 km, 8” pipeline 2 km, 12” pipeline 6 wells, unmanned Exciting redevelopment opportunity with upside potential 20 | 25 April 2023 Full-year 2022 results
Slide 21: Akatara development – on track for first gas in H1 2024
Akatara development – on track for first gas in H1 2024 LPG tanks Akatara Gas Plant Pipe racks January 2023 January 2023 April 2023 April 2023 EPCI progressing to plan CSR and ESG ⚫ Overall progress 28% (end-March 2023) ⚫ Total workforce at site: 415 (192 local hires) ⚫ Civil structure construction
Slide 22: Akatara – gas sales upside
Akatara – gas sales upside Akatara gas sales profile 20 Sales Gas Rates (MMscf/d) 15 10 5 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 ERCE Low ERCE Best ERCE High Sales Gas DCQ Commercial Subsurface and drilling ⚫ Completing GSPA co
Slide 23: Vietnam and Thailand update
Vietnam and Thailand update Vietnam ⚫ In mid-2022, Jadestone entered into negotiations with the proposed end-user consumer for gas sales from the Nam Du and U Minh field development — The fields will supply gas to an existing power station complex in southern Vietnam, supporting the country’s econom
Slide 24: Getting back on track in 2023
Getting back on track in 2023 Montara Focussed on restoring reliable operations at Montara Akatara On track to deliver substantial cash flow generation starting in 2024 Organic growth Generating value through low-risk infill drilling across all existing assets M&A pipeline Well-positioned to capital
Slide 25: Q&A
Q&A Full-year 2022 results, 25 April 2023