Jadestone Energy, an independent upstream company and its subsidiaries, focused on the Asia-Pacific region, reports its consolidated audited financial statements, as at and for the financial year ended 31 December 2024.
2024 operational performance demonstrates benefit of diversified portfolio
- Over 10 million manhours worked without a lost-time injury (LTI) across the Group’s Indonesia and Malaysia operations.
- Delivered record annual production of 18,696 boe/d in 2024 (+35% year-on-year).
- Successful completion and start-up of the Akatara field, further diversifying the Group’s production base, with gas sales commencing in July 2024 and the contractual performance test completing in December 2024.
- 10% reduction in adjusted unit operating costs in 2024 to US$33.68/boe (2023: US$37.24/boe)
- Independently audited 1P reserves by ERCE of 48.6 mmboe at year-end 2024, with a 1P reserves replacement ratio of more than 200%, greatly increasing the Group’s resilience.
- Independently audited 2P reserves by ERCE of 68.3 mmboe at year-end 2024, resulting in a 2P reserves replacement ratio of 104% and a 10-year 2P reserve life, based on 2024 production
- Year-end 2024 2C resources increased by 19% year-on-year to 125.7 mmboe, or 18 years resource life based on 2024 production. Approximately 75% of the 2C resource base relates to the significant resource contained in the Group’s gas discoveries offshore Vietnam.
Stable and resilient financial position
- 2024 revenues increased by 28% year-on-year to US$395.0 million (2023: US$309.2 million)
- Adjusted EBITDAX for 2024 of US$127.9 million, a 41% increase year-on-year, driven primarily the increase in revenues.
- Operating cash flow pre working capital for 2024 of US$70.5 million, a 93% increase on 2023 (US$36.5 million)
- Net debt of US$104.8 million at 31 December 2024 (31 December 2023: US$3.6 million net debt) has reduced to US$54.2 million at 30 April 2025, reflecting c.US$112.5 million of consolidated Group cash balances and US$167.0 million of debt drawn under the Group’s reserve-based lending facility (RBL Facility).
- Signed a US$30 million working capital facility with a 31 December 2026 maturity. The working capital facility will be used for general corporate purposes, providing additional liquidity to the Group, if required.
- Available liquidity of US$142.5 million at 30 April 2025, including the undrawn working capital facility referenced above.
- Approximately 1.7 mmbbls of hedges in place covering the nine months ending 30 September 2025 at a weighted average hedge price of US$69.07/bbl.
- Certain of Jadestone’s shareholders have requested that the Company seek authority to repurchase shares at the 2025 AGM on 20 June 2025.
Current trading and outlook – a strong start to 2025
- Strong portfolio performance year-to-date 2025, with production for the first four months of 2025 averaging 20,830 boe/d, a 22% increase year-on-year and an annual record for this period.
- Akatara has delivered robust performance year-to-date in 2025, with gross production averaging approximately 6,200 boe/d and 96% facilities uptime, both ahead of plan.
- All guidance metrics unchanged:
- 2025 average production of 18-21,000 boe/d (post Sinphuhorm sale).
- 2025 operating costs of US$250-300 million.
- 2025 capital expenditure of US$75-95 million.
- 2025-2027 free cash flow (pre debt servicing) guidance of US$270-360 million.
- Active portfolio management with the sale of the Group’s non-operated Thailand assets in April 2025 for an upfront consideration of US$39.4 million and contingent payments of US$3.5 million.
- Submission of the field development plan for the commercialization of the Nam Du/U Minh (NDUM) discoveries offshore southwest Vietnam to Petrovietnam, commencing the regulatory approval process.
- Skua-11ST well operations ongoing, to accelerate recovery of reserves from the Skua structure and extending the economic life of the Montara field by one year. Results expected in June 2025.
- Debottlenecking project at Akatara progressing, accelerating the commercialization of up 3.5 mmboe of reserves.
- In line with previous announcements, Jadestone has been reviewing its organizational and cost structure, with the aim of ensuring that the Group is run as efficiently as possible and enhancing its resilience to oil price cycles, while maintaining the highest safety standards. As part of this review, the Group will reduce the headcount of its Australian onshore office in Perth by approximately 25%. The targeted headcount reductions do not impact the Group’s offshore Australia workforce. Jadestone’s Australian asset portfolio remains a core focus for the Group and its growth ambitions.
- The Group continues to explore strategic acquisition opportunities to drive value and deliver scalable growth.
Dr. Adel Chaouch, Executive Chairman, commented:
'We closed 2024 on a very positive note, with the notable achievements of safely bringing Akatara onstream and doubling our interest in CWLH both contributing to our record production for the year, reducing unit opex and enhancing the resilience of the Group.
Jadestone’s refreshed and reinvigorated management team is delivering on its promises. We have seen a strong performance from our diverse portfolio so far in 2025, delivering record production for the first four months of the year and importantly, in line with guidance. Our focus on operational excellence and maintaining high uptime levels across the portfolio is paying off, providing confidence for our shareholders in our full year guidance and targets, which are reiterated today. In particular, we are very pleased at the initial performance of the Akatara field, where uptime and production early in 2025 has been ahead of plan, and we are confident that the cash flows and value from this asset will be the foundation of Jadestone’s success for years to come.
Our operational progress is being delivered against a backdrop of enhanced macroeconomic uncertainty. Greater asset diversification due to successful growth, the onset of fixed price gas production from Akatara, our near-term oil price hedges and the premium to Brent for our oil sales means we are well-placed to weather oil price volatility. We are also taking action to make Jadestone a more resilient business to oil price cycles, by targeting reductions in both operating costs and overheads. We have strengthened the balance sheet with net debt reduced by approximately half in the first four months of 2025 and we have put in place a new working capital facility, resulting in liquidity at the end of April of US$142.5 million – a strong position from which to continue executing our 2025 activity program.
Jadestone has a rare and compelling investment proposition. We have the skillset that covers both mid-life oil assets and greenfield gas developments, and a significant presence and platform to operate in three of the top five upstream producing countries in the Asia-Pacific region. We continue to actively look for opportunities to achieve the scale which is increasingly important in the oil and gas sector, but we will only allocate capital in a way that will be accretive to shareholders.', said Dr. Adel Chaouch, Executive Chairman.
Source: Jadestone Energy
