Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Q2 2025 Earnings Presentation
20 slides from Jadestone Energy's earnings presentation, Sep 30, 2025
Slide 1: Creating the Leading Asia-Pacific Independent Upstream Company
Half Year 2025 Results Presentation CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY September 2025
Slide 2: Disclaimer
Half Year 2025 Results Presentation DISCLAIMER You must read the following before continuing. The following applies to this document, the presentation of the information in The content of the Presentation has not been approved by an authorized person within the meaning of the Financial Services and
Slide 3: A Leading Independent Asia-Pacific Upstream Company
Half Year 2025 Results Presentation A LEADING INDEPENDENT ASIA- PACIFIC UPSTREAM COMPANY • Diversified production from six assets across three countries • Proven regional expertise and operating capabilities • Organic growth options - significant Vietnam gas resource • Strategic aim to become the le
Slide 4: H1 2025 Highlights
Half Year 2025 Results Presentation H1 2025 HIGHLIGHTS ENHANCED OPERATIONAL PERFORMANCE • H1 2025 production increased 21% year-on-year to a new record • Over 11.7 million manhours worked across the Group without a lost-time injury • Adjusted unit operating costs decreased 22% year-on-year to US$24.
Slide 5: H1 2025 Operational and Financial Summary
Half Year 2025 Results Presentation H1 2025 OPERATIONAL AND FINANCIAL SUMMARY Selected operational and financial metrics (US$ million) unless stated H1 2025 H1 2024 ∆ ⚫ Production increased 21% y-o-y to a new first half record – Full period of Akatara the main driver Production (boe/d) 20,368 16,867
Slide 6: H1 2025 Performance Benefits from Operational Efficiencies
Half Year 2025 Results Presentation H1 2025 PERFORMANCE BENEFITS FROM OPERATIONAL EFFICIENCIES Reported production cost H1 2025 vs. H1 2024 Operating costs – bridge from H1 2024 to H1 2025 US$ million US$ million 160 120 US$31.72/boe Adjusted unit opex(2) US$24.70/boe 110 136 140 100 (9) 20 1 4 91 1
Slide 7: Operations and Portfolio Management Drive Strong Cash Generation
Half Year 2025 Results Presentation OPERATIONS AND PORTFOLIO MANAGEMENT DRIVE STRONG CASH GENERATION Reconciliation of cash from 1 January 2025 to 30 June 2025(1) US$ million 140 36.2 62.5 121.5 120 39.4 1.5 100 95.2 80 (33.3) (60.3) 60 59.0 (19.7) 40 Operating cash flows 20 Investing cash flows Fin
Slide 8: Liquidity and Hedges Provide Resilience to Oil Price Volatility
Half Year 2025 Results Presentation LIQUIDITY AND HEDGES PROVIDE RESILIENCE TO OIL PRICE VOLATILITY Liquidity position at 31 August 2025(1) Current hedging schedule US$ million Barrels US$/bbl 160 800,000 76.0 • ~US$143 million liquidity at the end of August 2025 30 143 700,000 74.0 – RBL fully draw
Slide 9: Akatara: Accelerating Value
Half Year 2025 Results Presentation AKATARA: ACCELERATING VALUE Akatara gas processing facility, July 2025 • 8.8 million manhours worked without a lost-time injury • 96% plant uptime during H1 2025 • H1 2025 gross production of 5,771 boe/d • Planned shutdown in May 2025 for seven days – EPCI contrac
Slide 10: Building on the Success of Akatara to Grow Our Indonesia Business
Half Year 2025 Results Presentation BUILDING ON THE SUCCESS OF AKATARA TO GROW OUR INDONESIA BUSINESS ⚫ Infrastructure-led drilling to supplement existing reserves ⚫ Inorganic growth – Proposed amendment to convert remaining PSC commitment – Jadestone’s development of the Akatara field praised by SK
Slide 11: Vietnam: Continued Progress Towards Key Approvals
Half Year 2025 Results Presentation VIETNAM: CONTINUED Jadestone’s senior management In Vietnam, July 2025 PROGRESS TOWARDS KEY APPROVALS • Nam Du/U Minh Field Development Plan in final stage of Vietnam government approval • GSA negotiations also in final stages – Gas sales Heads of Terms extended t
Slide 12: Skua-11ST – Drilled Safely, Meaningful Impact on Montara Production
Half Year 2025 Results Presentation SKUA-11ST – DRILLED SAFELY, MEANINGFUL IMPACT ON MONTARA PRODUCTION • Skua-11ST safely drilled, with first production in September 2025 • Initial oil production rates from the well exceeded 6,000 bbls/d • Completed with downhole inflow control devices, which are d
Slide 13: Late Life Asset Management Requires Unique Skills and Discipline
Half Year 2025 Results Presentation LATE LIFE ASSET MANAGEMENT REQUIRES UNIQUE SKILLS AND DISCIPLINE Montara and Stag combined average annual R&M(1) spend US$ million 60 48.4 38.1 40 20 0 2020-22 2023-25 est Montara Venture Digital Twin Ongoing and significant investment in Montara and Stag asset in
Slide 14: Focus on Extending Montara and Stag Economic Lives
Half Year 2025 Results Presentation FOCUS ON EXTENDING MONTARA AND STAG ECONOMIC LIVES • Montara and Stag breakeven below current oil price levels – Margin improvement can reduce breakeven and pushes out economic limit further • Australia's abandonment expenditure manageable in the context of Group
Slide 15: Guidance and Priorities
Half Year 2025 Results Presentation GUIDANCE AND PRIORITIES Metric Guidance Comments 2025 Priorities 2025 19,500 – 21,500 • Upgraded 1,000 boe/d at the midpoint in Group boe/d July 2025 Safe operations Production • Record annual production at the midpoint of guidance Deliver against • Growth vs. 202
Slide 16: Current Valuation Does Not Reflect 2P Value of the Business
Half Year 2025 Results Presentation CURRENT VALUATION DOES NOT REFLECT 2P VALUE OF THE BUSINESS Adjusted ERCE 2P NPV10 vs. current market capitalization(1) UK listed E&P sector valuation on P/Total Net Asset Value(2) US$ million 2.0 900 Jadestone is trading at a deep discount to the 799 value of its
Slide 17: Jadestone's Investment Case
Half Year 2025 Results Presentation JADESTONE’S INVESTMENT CASE Clear emphasis on operational performance from a refreshed and committed management team Strong H1 2025 and portfolio management feeds through into cash generation Progressing organic growth with strong momentum behind Vietnam gas comme
Slide 18: Appendix
Half Year 2025 Results Presentation Appendix September 2025
Slide 19: Portfolio Update
Half Year 2025 Results Presentation PORTFOLIO UPDATE CWLH • High facility uptime and better than expected well performance, partially offset by weather impacts in Q1 2025 • Preparation for scheduled five-year FPSO turnaround in 2026 Peninsular Malaysia • US$20/boe opex in H1 2025, lower than budget
Slide 20: Thank You
For further information, please contact: PHIL CORBETT Head of Investor Relations ir@jadestone-energy.com THANK YOU September 2025