Jadestone Energy (JSE) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 production of 20,368 boe/d, up 21% year-over-year, driven by Akatara, CWLH, and operational efficiencies.

• Revenue rose 23% to $228.3 million, with adjusted EBITDAX up 67% to $100.6 million and profit after tax reaching $32.8 million.

• Sale of Thailand assets for $39.4 million, with potential for an additional $3.5 million, enhanced liquidity and resilience.

• Leadership team refreshed, including new CEO T. Mitch Little, to drive operational excellence and strategic growth.

• Strong safety record with over 11.7 million manhours worked without a lost-time injury.

Financial highlights

• H1 2025 production averaged 20,368 boe/d, up 21% year-over-year; lifted volumes up 52%.

• Revenue increased 23% to $228.3 million despite a 12.7% lower realized oil price.

• Adjusted unit operating costs fell 22% to $24.70/boe; total production costs down 16% to just under $115 million.

• Operating cash flow before working capital increased 232% to $92.8 million.

• Net debt at June 30, 2025, was $107.7 million after $33 million RBL repayment; cash balance at end of August $130 million.

Outlook and guidance

• 2025 production guidance reiterated at 19,500–21,500 boe/d, expecting record output for third consecutive year.

• Operating cost guidance maintained at $240–280 million; capex guidance at $105–115 million.

• Free cash flow guidance for 2025–2027 at $270–360 million, assuming $70–80/bbl Brent.

• Priorities include safe operations, delivering against guidance, and balance sheet optimization.