AIM-listed 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 2025.
T. Mitch Little, Chief Executive Officer, commented:
'Jadestone’s improved operational performance and cash flow generation in 2025 reflect the organization’s hard work and relentless focus on the operational excellence and cost discipline principles which have been instilled under the leadership of our refreshed management team. These results were also underpinned by another excellent year of HSE performance across the Group. However, our financial results were impacted by the previously disclosed impairment, which was the main driver of a loss after tax for the year. Protecting the base business will remain a key focus for the Group, as we work to return to sustainable profits and maximize cash generation to support our future growth ambitions.
The strong momentum from 2025 continued into early 2026, where we have already delivered on several of our key near-term priorities for the year. In Vietnam, we achieved FDP approval and signature of the GSPA for the Nam Du/U Minh project, clearing the key regulatory and commercial milestones required for project execution. The farm-out process has now commenced, and we have been encouraged by both the number and quality of interested parties to date. Separately, we have refinanced our debt with the issuance of our debut bond, removing near-term debt repayments and allowing us to focus near-term cashflow on accretive growth opportunities.
After excellent operating performance in the first quarter of 2026, where we delivered on plan against all key metrics, the second quarter has started with some operational headwinds, primarily associated with the effects of Cyclone Narelle, one of the strongest storms to pass through offshore Western Australia in recorded history. The full impact of the storm is still being assessed, but will likely result in the Stag field remaining offline until the fourth quarter of this year based on current information.
The Okha FPSO has arrived back on station at the CWLH fields following its successful dry-dock. However, recent subsea inspections have established that some minor structural repairs may be required to one of the field’s subsea riser’s J tube before re-connecting the vessel to the Riser Turret Mooring.
Recent events in the Middle East continue to highlight the strategic value of a diversified portfolio of upstream assets in the Asia-Pacific region – reinforcing our long-standing corporate strategy. We remain geared towards Brent oil price strength, seeing realized prices for our oil sales increase significantly in recent months, with a positive impact on our financial performance. Combined with the bond issue, our financial position has strengthened significantly since the beginning of the year.'
2025 – a year of record production, safe operations and portfolio value creation
- Over 12 million manhours worked without a lost-time injury (“LTI”) across the Group.
- Delivered record annual production of 19,829 boe/d in 2025 (+6% year-on-year).
- Successful drilling of the Skua-11ST well at Montara in Australia, which extended field life by one year and reduced Montara unit operating costs.
- Sale of the Group’s interest in the Sinphuhorm field onshore Thailand for US$39.4 million and contingent payments, representing a 44% return on the Group’s ownership and in line with the independently assessed 2P NPV10 of the asset at year-end 2024.
- Independently audited 2P reserves by Sproule ERCE of 2 MMboe at year-end 2025 (year-end 2024: 68.3 MMboe), with the reduction from the prior year primarily due to 7.0 MMboe of production in 2025, the sale of the Group’s Sinphuhorm interest and the remainder due to technical and economic revisions. In March 2026, significant 2P reserves were booked in relation to the Group’s Vietnam assets (see below).
- Year-end 2025 2C resources of 121.7 MMboe (year-end 2024: 125.7 MMboe) reflecting the sale of the Sinphuhorm asset and prior to the Vietnam reserves booking in March 2026.
Higher liftings and lower costs drive significant cashflow generation
- 2025 revenues increased by 3% year-on-year to US$408.1 million (2024: US$395.0 million).
- 2025 production costs decreased by 19% year-on-year to US$232.7 million (2024: US$286.9 million[1]), primarily due to lower field operating costs, workovers, repairs and maintenance activity and reduced lifting and inventory charges.
- On an adjusted basis, unit operating costs declined 21% year-on-year to US$28.02/boe (2024: US$35.28/boe)
- 2025 adjusted EBITDAX of US$153.0 million, a 20% increase year-on-year, driven primarily by higher revenues and lower production costs.
- 2025 loss after tax for the period of US$110.7 million (2024: US$44.1 million loss after tax), driven by a post-tax impairment of US$88.2 million, in line with the figure disclosed on 26 February 2026.
- 2025 operating cash flow pre working capital of US$123.6 million, a 75% increase year-on-year (2024: US$70.5 million)
- Net debt at 31 December 2025 was US$89.1 million, a 15% reduction year-on-year (31 December 2024: US$104.8 million). The net debt figure at 31 December 2025 excluded US$23.7 million of proceeds related to liftings in December 2025 received in early 2026.
Current trading and outlook – strengthened financial platform with growing momentum in Vietnam
- In March 2026, the Group successfully placed a Nordic bond issue of US$200 million with a 2031 maturity and a 12% coupon. The bond placement was materially oversubscribed and saw strong investor demand across Nordic and international markets. The net proceeds from the bond issue will be used to repay the Group’s outstanding US$122.0 million balance on its reserves-based lending facility (the “RBL Facility”), with the remainder used for general corporate purposes.
- In March 2026, Jadestone received Vietnam government approval for the Nam Du/U Minh field development plan, allowing the Group to book initial 2P reserves for the project of approximately 32 MMboe. In April 2026, the gas sales and purchase agreement for the supply of gas from Nam Du/U Minh was signed. Jadestone’s near-term priorities are to conclude the bid evaluation for the FPSO and field infrastructure, and award their respective contracts, during the second half of 2026. A formal farm-out process has been launched to seek partner(s) for the project.
- The PM323 East Belumut infill drilling campaign commenced in April 2026. The two firm plus one contingent well program is designed to follow up on the very successful 2023 infill drilling campaign by targeting the previously undeveloped southwest extension of the East Belumut field. The results of the first well are due in late Q2 2026.
- 2026 production to the end of April has averaged ~16,300 boe/d, primarily reflecting planned downtime at CWLH for the five-yearly class certification and maintenance dry dock of the Okha FPSO and unplanned downtime at Stag from the Cyclone Narelle impact. The Okha FPSO has arrived back on station at the CWLH fields following its successful dry-dock. However, recent subsea inspections have established that some minor structural repairs may be required to one of the field’s subsea riser’s J tube before re-connecting the vessel to the Riser Turret Mooring. Dependent on the ongoing analysis of the inspection findings, production could be restarted as early as end-May, or if repairs are required, these are expected to be executed within 5-8 weeks.
- The Stag field remains shut in due to the impact of Cyclone Narelle. The main storm damage was to the field’s CALM buoy, through which shuttle tankers offload crude produced from Stag. Efforts are underway to ready the CALM buoy for tow to shore, where a full damage assessment will be undertaken to inform next steps, with current expectations of a return to production in the fourth quarter of 2026. The Group has appropriate insurance in place, for both physical damage and business interruption, and is working with insurers through the standard claims process.
- Net debt at 30 April 2026 was approximately US$5 million, consisting of US$117.4 million in cash (incl. restricted cash) and US$122 million of outstanding debt on the RBL Facility. The Group’s US$30 million Working Capital Facility remains undrawn.
- The Group’s has hedged approximately 1.5 MMbbls for the period April to December 2026 at a weighted average price of US$70/bbl Brent (not including any asset specific premiums or discounts).
Guidance – remains unchanged
- The Group’s production guidance of 18,000 – 21,000 boe/d, is unchanged pending further clarity on the restoration of production from the Stag, although an outcome in the lower half of the range is currently considered most likely.
- Total production costs[2] (unchanged): US$260-300 million, with an outcome in the lower half of the range currently considered most likely due to operating cost reductions at Stag during the shut-in period.
- Capital expenditure guidance (unchanged): US$50-80 million. Consistent with earlier disclosures, the guidance range reflects expenditure on the Group’s existing producing assets, with only a small amount budgeted for pre-sanction costs in Vietnam.
- Based on information currently available, Jadestone does not expect the Stag shut-in to have a material financial impact on the Group’s current year or longer-term cashflow projections.
- 2025-27 unlevered free cash flow guidance[3] (unchanged): US$200-240 million at US$70/bbl Brent. Every US$10/bbl move in the underlying Brent assumption is estimated to change the 2025-2027 free cash flow guidance by ±US$90 million.
Please access the full results statement here.
Source: Jadestone Energy
