Jadestone Energy plc (JSE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning or good afternoon, everyone, and welcome to Jade Stone's Energy's half year 2024 results conference call. I'm Paul Blakely, Jade Stone's CEO, and I'm joined on the call from London today by CFO Birchap Dijkstra and by Phil Corbett, head of investor relations. In this call, we'll take you through a presentation recently uploaded to the investor relations section of our website. or you can view it by the link on the webcast. And after that, let's have a Q&A discussion. Turning to slide two, this outlines our standard disclaimers, and then we'll move quickly onto slide three, and we can get started. Overall, the first half of 2024 delivered solid performance with 37% production growth, compared with the first half of 2023. Price realizations for our oil sales were good in the half, and improved cost control, while volumes rose, helped to drive higher earnings and cash flow year on year. In particular, our portfolio diversification strategy continues to bear fruit, with additional barrels from the Malaysia infill drilling campaign, and the doubling of our CWLH interest in Australia, both contributing to the first half, as well as an improved performance from Montara and a full period of production from Sinfohorm. The primary focus of the business in 2024 has been completion of the Akutara development in Indonesia. Mechanical completion of the gas processing plant was achieved at the end of the second quarter on plan and progress on commissioning resulted in commercial gas sales commencing at the end of July. Since then, we've brought production up closer to full volumes, but have also been addressing a small number of typical commissioning issues so far preventing us from ramping up to full capacity on a sustainable basis. Nothing significant, but more on th...