Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Investor Presentation (June 2023)
16 slides from Jadestone Energy's investor presentation, Jun 7, 2023
Slide 1: Financing Transactions
Financing Transactions 7 June 2023
Slide 2: Disclaimer and advisories
Disclaimer and advisories THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this presentation or its contents
Slide 3: Building a leading Asia-Pacific independent E&P
Building a leading Asia-Pacific independent E&P Organic • Montara currently1 producing c.7,000bbls/d, underpinning guidance (April-Dec 2023 c.6,000 bbls/d) production growth from existing • Infill drilling campaign in Peninsular Malaysia starting in August 2023 assets • Further infill drilling plann
Slide 4: Strategy in action – delivering high-returns on capital
Strategy in action – delivering high-returns on capital Montara Stag PenMal op Already delivered c.US$100 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 as
Slide 5: Securing funding to execute on growth plans
Securing funding to execute on growth plans • c.U$325 million of expenditure over the H2 2022 - 2023 period and the Montara shut in, results in a forecast net debt position at the end of 2023 This funding provides • US$200 million RBL closed, securing immediate funding requirements and creating a st
Slide 6: An increasingly diversified production profile with significant growth potential
An increasingly diversified production profile with significant growth potential Historical and forecast production (boe/d) 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2021 2022 2023E 2024E 2025E 2026E Montara Stag CWLH PenMal Sinphuhorm Akatara Near-term M&A opportunity P
Slide 7: Forecasted production growth driving operating cash flow inflection in 2024…
Forecasted production growth driving operating cash flow inflection in 2024… Operating cash flow evolution at different oil price scenarios (US$ million) 225 150 75 0 (75) 2022 2023 2024 2025 US$65/bbl US$75/bbl US$85/bbl Operating cash flow = revenues less opex less G&A ± working capital less cash
Slide 8: …which leads to an expected balance sheet strengthening and net cash in 2025
…which leads to an expected balance sheet strengthening and net cash in 2025 Net cash/(debt) evolution, end of period – prior to impact of June 2023 financing transactions US$325 million 200 expenditure / Montara shut-in 150 COVID-19 impact on activity and oil price 100 50 US$ million 0 Growth Inves
Slide 9: Current and proposed capital structure and debt availability
Current and proposed capital structure and debt availability ⚫ Signed and closed a US$200 million RBL in May 2023 Net cash as at 31 May 2023 — Four reputable international banks — Uncommitted accordion of US$160 million, subject to incremental Cash US$41.2 million availability of bank debt — Four-ye
Slide 10: Current borrowing base shows temporary dip during Q2-Q3 2024
Current borrowing base shows temporary dip during Q2-Q3 20241 Borrowing base amount (US$ million) Notes 250 ⚫ Current borrowing base profile based on the approved banking model 200 — Hedging underway ⚫ Borrowing base amount is updated at each 150 redetermination — September and March each year 100 ⚫
Slide 11: Routine operations now reestablished at Montara, guidance reiterated
Routine operations now reestablished at Montara, guidance reiterated Montara production history since March 2023 restart Key Highlights Compressor 12,000 Cyclone Ilsa shutdown FPSO gas system back online trip ✓Montara back to routine operations 10,000 — NOPSEMA General Direction closed in February 2
Slide 12: Akatara – high return project on budget and schedule
Akatara – high return project on budget and schedule Akatara gas field development project economics Akatara gas processing facility construction site (May 2023) US$ million IRR = c.40% kboe/d 150 12 10 100 8 6 50 4 2 0 0 (2) (50) (4) (6) EPCI project progressing to plan (100) (8) 2022 2023 2024 202
Slide 13: Planning milestones and key catalysts
Planning milestones and key catalysts Asset Activity 2023 2024 Montara Phased well restart and normalised cargo tank operations Production operations Montara Additional gas reinjection compression (online mid-2025) 2025 → Sinphuhorm Infill drilling, booster compression online Stag Infill drilling We
Slide 14: 2023 guidance reiterated
2023 guidance reiterated 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 ⚫ Current production1 c.17,800 boe/d Group production (April- 13,500 – 17,000 boe/d L
Slide 15: A turning point for the Jadestone equity story
A turning point for the Jadestone equity story Montara Routine operations now re-established with guidance reiterated Akatara On track to deliver substantial cash flow generation starting in 2024 Diversification Seven producing assets by mid-2024 and line of sight on further M&A Cash flow Strong rec
Slide 16: Q&A
Q&A Jadestone @ Energy