REG - Jadestone Energy PLC - Record 2024 exit rate and annual production

Jadestone EnergyAnnouncement

20/01/2025 07:00

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RNS Number : 9246T  Jadestone Energy PLC  20 January 2025

Record monthly, year-end exit rate and annual production in 2024

 

20 January 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and
together with its subsidiaries, "Jadestone" or the "Group"), an independent
upstream production and development company focused on the Asia-Pacific
region, announces that Group production exited 1  (#_ftn1) 2024 at c.24,000
boe/d, a monthly record for the Group and an increase of c.40% compared to
January 2024.

 

Production performance into year-end 2024 benefitted from several factors,
including stabilisation of operations at the Akatara project in Indonesia,
good uptime and subsurface performance at Montara and continued outperformance
at the CWLH asset.  There was also the continued positive impact of the
Malaysia drilling campaign in late 2023 and elevated gas demand in northern
Thailand supporting higher Sinphuhorm output.  Stag production also increased
into the year-end, benefitting from successful recent workover activity.

 

Production for 2024 is estimated to have averaged c.18,700 boe/d, in line with
guidance and an annual record for the Group, representing c.35% production
growth year-on-year.  This was achieved with an excellent HSE performance,
zero major environmental events and over 10 million manhours worked in
aggregate at the Company's Indonesia and Malaysia operations without a
lost-time injury.

 

Jadestone intends to issue a trading statement in February 2025 in respect of
its 2024 operational and financial performance, which will also include 2025
guidance.

 

Adel Chaouch, Executive Chairman of Jadestone, commented:

 

"Jadestone's portfolio performed strongly into the end of 2024, boosted by the
onset of sustainable production from the Akatara project and showcasing the
increasing diversification and resilience of our business.  This delivered
record results for monthly, year-end exit rate and annual production.  Our
focus during 2025 will be to build on this strong performance through
maximising uptime levels across the asset base and mitigating portfolio
natural decline."

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown
 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Georgia Edmonds
 Elfie Kent

 

About Jadestone Energy

 

Jadestone Energy plc is an independent upstream company focused on the
Asia-Pacific region. It has a balanced and increasingly diversified portfolio
of production and development assets in Australia, Malaysia, Indonesia,
Thailand and Vietnam, all stable jurisdictions with a positive upstream
investment climate.

 

The Company is pursuing a strategy to grow and diversify the Company's
production base both organically, through developments such as at Akatara in
Indonesia, Nam Du/U Minh in Vietnam and the PNLP Cluster offshore Malaysia, as
well as through acquisitions that fit within Jadestone's financial framework
and play to the Company's strengths in managing maturing oil assets. Jadestone
delivers value in its acquisition strategy by enhancing returns through
operating efficiencies, cost reductions and increased production through
further investment.

 

Jadestone is a responsible operator and well positioned for the energy
transition through its increasing gas production, by maximising recovery from
existing brownfield developments and through its Net Zero pledge on Scope 1
& 2 GHG emissions from operated assets by 2040. This strategy is aligned
with the IEA Net Zero by 2050 scenario, which stresses the necessity of
continued investment in existing upstream assets to avoid an energy crisis and
meet demand for oil and gas through the energy transition.

 

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market
of the London Stock Exchange (AIM: JSE).  The Company is headquartered in
Singapore.  For further information on the Company please visit
www.jadestone-energy.com (http://www.jadestone-energy.com) .

 

This release does not contain inside information.

 1  (#_ftnref1) Defined as preliminary average Group production in December
2024

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