Jadestone Energy (JSE) H1 2025 TU earnings summary

Executive summary

• Achieved record production in H1 2025, with over 20% year-on-year growth, mainly from Akatara, despite operational challenges at Skua-11ST well.

• Upgraded production guidance and reduced operating cost guidance for 2025, reflecting operational excellence and cost discipline.

• Divested Thailand assets, improving balance sheet and focusing growth on core Asia-Pacific operations.

Financial highlights

• H1 2025 revenues (post-hedging) rose 23% year-on-year to $228.2 million.

• H1 2025 operating costs fell 10% year-on-year to $112.8 million; unit operating cost dropped 29% to $32.00/boe.

• H1 2025 capital expenditure was $69.6 million, up from $51.1 million in H1 2024, mainly due to Skua-11ST drilling.

• Net debt at June 30, 2025, was $107.6 million, excluding $62.5 million from June liftings received in July.

Outlook and guidance

• 2025 production guidance raised to 19,500–21,500 boe/d (from 18,000–21,000 boe/d), reflecting higher expected output.

• 2025 operating cost guidance reduced to $240–280 million (from $250–300 million).

• 2025 capital expenditure guidance increased to $105–115 million due to one-off Skua-11ST well costs.

• 2025–2027 free cash flow guidance unchanged at $270–360 million (pre-debt servicing).