Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Corporate Update (November 2025)
39 slides from Jadestone Energy's corporate update, Nov 3, 2025
Slide 1: Akatara: Sell-Side Analyst Visit
Akatara: Sell-Side Analyst Visit CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY November 2025
Slide 2: Disclaimer
Akatara Analyst Visit 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 this document
Slide 3: Introduction and Safety Briefing
INTRODUCTION AND SAFETY BRIEFING
Slide 4: Indonesia Country Overview
INDONESIA COUNTRY OVERVIEW Jadestone @ Energy
Slide 5: Indonesia – Country Overview
Akatara Analyst Visit INDONESIA – COUNTRY OVERVIEW ⚫ Political landscape – Prabowo Subianto (President) in first year of a 5-year term – Focus on economic development, improving quality of life, self-sufficiency in food production and energy – Proactive on the international stage – Backed by majorit
Slide 6: Upstream Sector – Organisation and Stakeholders
Akatara Analyst Visit UPSTREAM SECTOR – ORGANISATION AND STAKEHOLDERS Regulators Major Domestic Players ⚫ State owned electricity monopoly ⚫ Energy policy ⚫ Largest gas buyer in Indonesia ⚫ Approval of gas allocation/gas pricing ⚫ Aggressive in gas market due to ⚫ Plan of Development approval Minist
Slide 7: Gas Market and Infrastructure – Java and Sumatra
Akatara Analyst Visit GAS MARKET AND INFRASTRUCTURE – JAVA AND SUMATRA Java and Sumatra gas balance (million cubic feet per day)(1) Sumatra and Java integrated pipeline network(1) ⚫ Increasing consumption (driven by power generation) and declining ⚫ Significant progress made over last 20+ years conn
Slide 8: Jadestone's History in Indonesia
Akatara Analyst Visit JADESTONE’S HISTORY IN INDONESIA Signed condensate sales Acquired agreement remaining 10% Acquired 90% interest in First gas (July) operated working Lemang PSC interest in Successful EPCI Lemang PSC from Akatara Final performance test Mandala Energy Investment (December) Decisi
Slide 9: Akatara Field
Akatara Field Jadestone @ Energy
Slide 10: Indonesia HSE Performance: Year-to-Date 2025
Akatara Analyst Visit INDONESIA HSE PERFORMANCE: YEAR-TO-DATE 2025 ⚫ Highlights: Metric – Zero lost-time injuries and recordable incidents Target zero life altering events 0 – Almost 9 million manhours with no LTI (combined during Safe manhours (Jadestone operated) (1) 8,917,883 Project – Drilling –
Slide 11: Lemang PSC Overview
Akatara Analyst Visit LEMANG PSC OVERVIEW Location of Lemang PSC onshore Indonesia Jadestone 100%, operator, with local government Working interest/JV having a 10% back-in right (not yet exercised but expected to be) • Gross acreage: 743km2 • Four well pads tied back to a gas processing facility, wi
Slide 12: Akatara Gas Processing Facility and Metering Station Overview
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITY AND METERING STATION OVERVIEW Wellpad - C Wellpad – D (5km) Permanent Camp Wellpad - B Wellpad - A Tie-in Metering Station Metering station is located 17km from the AGPF at tie-in point with main pipeline to Batam Island November 2025 12
Slide 13: Akatara Transportation Network
Akatara Analyst Visit AKATARA TRANSPORTATION NETWORK LPG and condensate buyers truck product to Muara Sabak port (110km) for offtake November 2025 13
Slide 14: Akatara Gas Processing Facilities - Layout
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITIES - LAYOUT Gas Engine Generators LPG Tanks Loading Bays Sales gas pipeline Condensate Tanks Gas Engine Substation Compressors Building LPG Recovery Unit Control Room Office Fire Water Tank and Pumps Hot Oil and Mercury Inlet Gas Manifold & Dehydr
Slide 15: Akatara Gas Processing Facilities – Process Flow
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITIES – PROCESS FLOW ~180 MT/d ~1.4 MMscf/d ~23 MMscf/d ~200 bbls/d ~20 MMscf/d ~26.5 MMscf/d ~800 bbls/d ~60 bbls/d November 2025 15
Slide 16: Akatara Fast Track to Production
Akatara Analyst Visit AKATARA FAST TRACK TO PRODUCTION AGPF and pipeline – 31 August 2022 (6% progress) AGPF and pipeline – 31 August 2024 (in operation) November 2025 16
Slide 17: Akatara Gas Processing Facilities – Pre Construction Phase
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITIES – PRE CONSTRUCTION PHASE EPCI contract signing EPCI kick-off meeting Groundbreaking ceremony ⚫ Engineering, Procurement, Construction, Installation (“EPCI”) contract strategy – Lump sum contract strategy to minimize cost risks – Long lead time
Slide 18: Akatara Gas Processing Facilities – Construction Phase
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITIES – CONSTRUCTION PHASE ⚫ AGPF situated on peat land requiring extensive land work prior to piling and construction ⚫ June 2024 – Mechanical completion – First gas into AGPF ⚫ July 2024 June 2022 (pre-EPCI) August 2022 – First gas sales ⚫ December
Slide 19: AGPF Pipeline Tie-in to Regional Trunkline
Akatara Analyst Visit AGPF PIPELINE TIE-IN TO REGIONAL TRUNKLINE SECTION D Length 2.4 km District Road Metering station and TGI Main road SECTION C tie-in condition Length: 9.2 km National Road SECTION B Length 2.5 km District Road Canal Crossing SECTION A Length 2.6 km Forestry area AGPF Tie in Pit
Slide 20: Akatara Gas Processing Facility – Major Equipment
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITY – MA JOR EQUIPMENT One year Gas engines (eight units) - Canada guarantee Refrigerant compressor (two units) - China on all major equipment Turbo expander (one unit) - US Gas compressors (four units) - Germany Rigorous project management required
Slide 21: Akatara Gas Processing Facility – AGPF Inauguration
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITY – AGPF INAUGURATION Akatara has been designated a “National Strategic Project” by SKK Migas November 2025 21
Slide 22: Akatara Gas Processing Facility – Commissioning
Akatara Analyst Visit AKATARA GAS PROCESSING FACILITY – COMMISSIONING • Engine “hunting” impact on reliability and performance Gas Compressors • Coupling issues between engine and compressor • Replaced and changed ramp up sequence ✓ • Motor bearing and housing damage Refrigerant compressors • Repair
Slide 23: Operations
OPERATIONS Jadestone @ Energy
Slide 24: Akatara YTD 2025 Production
Akatara Analyst Visit AKATARA YTD 2025 PRODUCTION Gross daily production 2025 year-to-date boe/d 8,000 +10% uplift in AGPF throughput potential following operations improvements and debottlenecking Production potential at ~6,800 boe/d currently 7,000 6,000 5,000 4,000 3,000 Planned shutdown to 2,000
Slide 25: 2025 Planned Shutdown
Akatara Analyst Visit 2025 PLANNED SHUTDOWN ⚫ EPCI “punchlist” clearance focused shutdown in May 2025 – EPCI contract close out work – Uptime since May 2025 shutdown = 97% ⚫ Operational priorities during shutdown – Enhance plant reliability – Enhance ability to recover from process upsets – Debottle
Slide 26: Production Enhancement
Akatara Analyst Visit PRODUCTION ENHANCEMENT ⚫ June 2025 production trial (post May shutdown) – Enhance cold box cooling implemented at shutdown – Small bore piping connectors supported further at shutdown – Optimize process pressures – Compressor operating points changed – Commenced 8 June 2025 – T
Slide 27: Commercial & Finance
COMMERCIAL & FINANCE Jadestone @ Energy
Slide 28: Sales Agreements
Akatara Analyst Visit SALES AGREEMENTS ⚫ Buyer: PLN Batam – for electricity generation on Batam Island, south of Singapore Gas ⚫ Contract Period: 14 years (until end of PSC in 2037) ⚫ Daily Contract Quantity (DCQ): at 20,500 MMBTU; take-or-pay 90% of DCQ ⚫ Payment guarantee: incorporated into contra
Slide 29: Sales Pricing Mechanisms
Akatara Analyst Visit SALES PRICING MECHANISMS ⚫ Gas is priced at US$5.6/MMbtu (equivalent to US$5.97/mcf realised price) ⚫ No escalation throughout contract life Gas ⚫ Sale at plant gate – pipeline toll fee is borne by the buyer ⚫ Excess gas above 110% of DCQ (“maximum daily contract quantity”) com
Slide 30: 2025 Lifting Performance
Akatara Analyst Visit 2025 LIFTING PERFORMANCE YTD gas sales YTD LPG sales YTD condensate sales BBTU MT BBLS 700 6,000 35,000 600 5,000 30,000 500 4,000 25,000 400 3,000 20,000 300 2,000 15,000 200 100 1,000 10,000 0 - 5,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Jan-25 Feb-2
Slide 31: Lemang PSC Economics
Akatara Analyst Visit LEMANG PSC ECONOMICS Illustrative gov./contractor take during max. cost recovery(1) ⚫ An Indonesian PSC license is valid for 30 years and can be 10 Nil Nil Nil 10 extended for another 20 years ⚫ Hydrocarbon rights remain with the government - companies 100 90 90 are “contractor
Slide 32: Local Government Back-in Right: Current Status
Akatara Analyst Visit LOCAL GOVERNMENT BACK-IN RIGHT: CURRENT STATUS • Indonesia regulations mandate a 10% interest in upstream projects to a local government entity (the Jambi province in Akatara’s case) • Per the regulations, Jadestone carries the local government’s cost, and the cost carry is rep
Slide 33: Lemang PSC Upside Potential
LEMANG PSC UPSIDE POTENTIAL Jadestone @ Energy
Slide 34: Chasing Remaining Upside on the Lemang PSC
Akatara Analyst Visit CHASING REMAINING UPSIDE ON Lemang PSC prospects THE LEMANG PSC and leads ⚫ Current remaining PSC commitment: – 403 km2 3D seismic – One well (plan to drill in 2027) ⚫ Proposed amendment: – Convert seismic into one well (remaining PSC area size not sufficient for fulfilling sei
Slide 35: Community Relations
COMMUNITY RELATIONS Jadestone @ Energy
Slide 36: Local CSR Activities
Akatara Analyst Visit LOCAL CSR ACTIVITIES Access to clean water (community wells) 2024 | 4 built 2025 | 3 in-progress Renewable Energy Installed 120 solar panels for village road lighting facilities Female empowerment: Public facility Microfinance Group Community mosque Jadestone has supported buil
Slide 37: Concluding Remarks
CONCLUDING REMARKS Jadestone @ Energy
Slide 38: Jadestone's Investment Case
Akatara Analyst Visit 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 commercialization F
Slide 39: Thank You
For further information, please contact: PHIL CORBETT Head of Investor Relations ir@jadestone-energy.com THANK YOU November 2025