Jadestone Energy Provides Corporate Update

Source: www.gulfoilandgas.com 6/13/2024, Location: Asia

Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, provides the following corporate update in advance of the Company's 2024 Annual General Meeting, which is being held at 9:00 a.m. BST today at Simmons & Simmons LLP, Citypoint, 1 Ropemaker Street, London, EC2Y 9SS.

Year-to-date (end-May) 2024 production has averaged c.17,200 boe/d, a c.50% increase year-on-year, with production in the second half of 2024 expected to increase significantly with the onset of production at the Akatara project. As previously reported, the lower end of the 20-22,000 boe/d 2024 production guidance range remains the most likely outcome.

Also as recently reported, the Akatara Gas Processing Facility is nearing the key milestone of mechanical completion, and the project remains on schedule for first gas later this month and for commercial gas, LPG and condensate sales to follow shortly thereafter.

Net debt at the end of May 2024 was c.US$66 million, a reduction from the last reported figure of c.US$78 million at the end of March, reflecting c.US$110 million of cash revenues received in April, ongoing operating and capital expenditures, and the second payment to the abandonment trust fund associated with the CWLH 2 acquisition. Due to the phasing of cargoes, there were no oil liftings in April 2024. May 2024 liftings generated estimated cash revenues of c.US$32 million, which are expected in June.

2024 operating cost guidance of US$240-290 million (excludes c.US$30 million of royalties and carbon taxes) and capital expenditure guidance of US$80-110 million are also reiterated.


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