Jadestone Energy (JSE) Trading Update summary

Operational highlights

• Achieved mechanical completion and gas-in at Akatara in June 2024, with commercial sales imminent.

• Record H1 2024 production averaged 16,867 boe/d, up 37% year-on-year.

• CWLH 2 acquisition closed, increasing interest to 33.33% and reducing abandonment trust fund payment.

• SFA Cluster PSC awarded offshore Malaysia, expanding growth opportunities.

• Montara FPSO tank repairs progressing, with increased storage capacity and expected production boost.

Financial performance

• H1 2024 revenues reached $185.1 million, up 113% from H1 2023, driven by higher liftings.

• Oil liftings more than doubled year-on-year; proceeds from liftings totaled $200.5 million.

• Production costs flat at $118.7 million despite 37% production growth; capex rose to $51.0 million.

• Net debt increased to $72.7 million at 30 June 2024, with available liquidity of $151.0 million.

• Hedging losses of $15.4 million offset part of the revenue gains.

Guidance and outlook

• 2024 production guidance adjusted to 18.5–21,000 boe/d, reflecting Q1 weather impacts and Akatara ramp-up.

• Operating expenditure guidance narrowed to $240–280 million, excluding royalties and carbon taxes.

• Capital expenditure guidance unchanged at $80–110 million; other cash expenditure revised down to $62 million.

• Montara expected to meet 2024 production guidance of 5–6,000 bbls/d.

• Management anticipates stronger H2 2024 as Akatara ramps up and major investments begin to deliver returns.