Jadestone Energy (JSE) Trading Update summary

2024 operational and financial highlights

• Achieved record average production of 18,696 boe/d in 2024, up 35% year-on-year, with December exit rate at ~24,000 boe/d, driven by Akatara facility commissioning.

• Revenues rose 28% to $395.0 million, reflecting higher liftings; average oil price realization was $85.2/bbl, and average gas price increased to $3.63/mmcf.

• Production costs totaled $261.1 million, with net costs at $243.4 million, at the lower end of guidance, showing strong cost control.

• Capital expenditure was $69.7 million, below guidance due to project deferrals and completion of Akatara development.

• Net debt at year-end was $104.8 million, with $95.2 million in cash and $200 million in debt drawn.

Reserves and resources update

• 1P reserves at year-end 2024 were 48.6 mmboe, with a 202% replacement ratio, mainly from CWLH 2 acquisition and improved asset performance.

• 2P reserves reached 68.3 mmboe, a 104% replacement ratio, valued at $799 million NPV10, or 102 GBp per share after net debt.

• 2C contingent resources increased 19% to 125.7 mmboe, with 75% attributed to Vietnam gas discoveries.

• A modest impairment is expected for the Stag asset following the reserves evaluation.

2025 guidance and strategic focus

• 2025 production guidance is 19,000–22,500 boe/d, an 11% increase at midpoint, with an 80:20 oil-to-gas split.

• Operating costs are forecast at $250–300 million, broadly flat year-on-year; capex is guided at $75–95 million, mainly for Skua-11 sidetrack drilling.

• Free cash flow (pre-debt servicing) expected at $270–360 million over 2025–2027, based on $70–80/bbl Brent.

• Focus remains on operational excellence, disciplined capital allocation, and progressing Vietnam gas commercialization.