Jadestone Energy Plc
-0.50 (-0.75%)
Stock Name Stock Symbol Market Stock Type
Jadestone Energy Plc JSE London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-0.50 -0.75% 66.50 08:30:01
Open Price Low Price High Price Close Price Previous Close
65.50 65.50 67.70 67.00
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Industry Sector

Jadestone Energy JSE Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Top Posts
Posted at 26/3/2023 17:25 by mount teide
Some thoughts on the upside potential and downside protection of Jadestone Energy post the Montara restart, assuming NO further acquisitions over the next 12 months:

$371 - JSE Market Cap today at a 66p a share.

Subtract $122m cash ($122m - 2022 year end, plus worst case of zero FCF for first 3 months in 2023) gives an EV of circa $249m.

$75 - Average Brent price
$4 - Average Blended Sales Premium/bbl
20,000 bopd - production from April 2023
$24 - OPEX/bbl from April 2023
$150m - CAPEX over the next 12 months - Part Funded by a $50m Akatara Bank Loan
$30m - Annual General Admin Expenses
42.5% - Blended Tax Rate

This would potentially generate a FCF over the next 12 months of circa $156m / 29.5p a share, and an EV/FCF ratio of 1.92. By March 2024 JSE could have around $278m/53p of cash.

If a very sizeable acquisition is not completed, then a very sizeable special dividend could be paid were Brent to average $75/bbl.

Were Brent to average $100/bbl, JSE has the potential to generate around $240m/45p a share of free cash by March 2024. By then they could have around $356m/67p a share of cash.

Were Brent to average $60/bbl, JSE has the potential to generate around $76m/14p a share of free cash by March 2024. And by then could have around $198m/38p a share of cash.

Conclusion: The recent valuation downdraft hitting the sector is only warranted were the oil price to collapse to circa $50 a barrel. With the US shale oil industry now ex growth and the Saudi's/OPEC back in total control of the global oil market, strongly suggests the likelihood of that is very low.

One way or another investors in the industry are very likely to get their hands on plenty of the cash this now extremely efficient, very high cash flow generating industry churns out even at a relatively low oil price.


Posted at 24/3/2023 12:18 by ashkv
Wow - averaged down too early yesterday.. sitting at a loss with new 64p low :(

Given projections from Moram per Blog post - if Montara "fully" online in the next 7-10 days as expected JSE is by far one of the biggest bargains around - more so given oil is low sulphur and sells for a decent premium to Brent in nearby hungry for oil Asia ->

Going to add more here....

SP: 64
Brent: $73.00
Brent Current Price Performance vs 18 Aug 2021 low of $65.33 (GBPUSD 1.36): 11.74%
JSE Current Share Price vs 52 Week low of 64p on 24 Feb 23: 0.00%
JSE Current Share Price vs 52 Week High of 110p on 9 Jun 22: -41.82%
Shares Outstanding: 446,430,801 https://www.londonstockexchange.com/news-article/JSE/total-voting-rights/15855798
GBPUSD: 1.22
Production Guidance 2023 (TBA): 18,000 Per Moram Blog 23 Mar 23
Estimated Current Production Ex-Montara: 9,168
Production Average for 2022: 11,487
Debt: Zero Debt
Cash (USD) 31 Dec 2022 (Per 2 Feb 23 Ops Update RNS): $122,000,000
Market Cap (GBP); £285,715,713
Market Cap (USD): $348,573,169
Cash % of Market Cap: 35.00%
Share Price Cash Component: 22.40p
ENTERPRISE VALUE (USD): $226,573,169
EV/Barrel(USD) 2023 Mid-Guidance: $12,587
EV/Barrel(USD) Estimated Current Production Ex-Montara: $24,713
EV/Barrel(USD) 2022 Actual Average Production: $19,724
Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000

Posted at 23/3/2023 22:43 by pughman
JSE have to address their lousy IR. They are doing a really poor job of communicating with shareholders and non shareholders. Carlos Mora gave a balanced appraisal today of where JSE stands, but why couldn't the company have composed a RNS of similar clarity and purpose. A lot of fed up punters have sold out recently, JSE need to up their game to reach out to new ones.
Posted at 06/3/2023 07:49 by mount teide
O/T - Clarkson (CKN) - Previously mentioned I have a shipping cycle peak £100/share price target on the World's largest shipbroker for 2025/6. These results, together with the very strong sector fundamentals and current ship charter rates should give the market significant confidence that the strongest years of this latest shipping market cycle still lay ahead.

The announced 93p dividend is what I paid per share for my initial investment in the company back in 2000. The stock has since repaid nearly 10 times that initial price in dividends plus nearly 35 times capital growth.

Clarkson - Preliminary Results

'Record underlying profit before taxation of GBP100.9m (2021: GBP69.4m), an increase of 45.4%

* Underlying earnings per share* increased 51.1% to 250.3p (2021: 165.6p)
* Particularly strong performance in the Broking segment
* Full year dividend of 93p, giving rise to a 20(th) consecutive year of dividend growth

* Forward order book for invoicing in 2023 was US$216m (2022: US$165m), an increase of 30.9%

Strong balance sheet with free cash resources of GBP130.9m (2021: GBP92.3m) available for future investment'

Declaration - Used Clarkson for over a decade as my principal Shipbroker for Ship Chartering, Sale & Purchase Services, and market research.

Posted at 05/3/2023 15:07 by mrscruff
Thanks MT. Having bought JSE heavily at 70p (and under) I find it hard to add more to JSE. Looking round at all the best options there are massive upsides in the gas stocks you've presented. Massive. But they can still wait to get cheaper in my opinion. The oil stocks are all fairly valued at first glance. AXL is a nice steady growth story with remarkable downside protection by them not taking any risk. PTAL is the closest to JSE but JSE's net cash position puts JSE in the driving seat for near term upside through deals and in the long run the gas is there at the right time.

AET is the most interesting but I don't understand it and I will probably post in in the AET forum after doing more research. Valeura Energy again I'll spend some time on this as the share price volatility looks extreme but I like the progress and valuation.

Thank you very much with the research list.

Posted at 23/2/2023 08:21 by thommie
The cash consideration paid is 1,4m$ above estimated 26,4m$ on announcement at 19th january. Maybe due to the faster than expected closing of the transaction. The reduction by 4,7m$ due to the effective date being 14months in the past is not looking that excellent like we are used to compared to other former Jse deals. I guess the little reduction over such a big timeframe could be due to big capex requirements over that timeframe (compression project, with costs of 62,5m$. Meaning ca 6m$ to Jse WI) but on the other hand the pricing environment throughout this 14months was way above normal average, as the gas price under the take or pay contract is linked to the high sulfur oil price. While the "long term" ngl pricing, although not big in quantity, was paid at the normal low pricing. So without this high pricing environment there wouldnt have been any price adjustments in Jse favour. Ofc the capex will decrease over the coming years, although drills on the north in 2023 and 2024 are planned due to worse connectivity between the north and the south part of the field which isnt a good thing, as it means this additional wells that cost additional capex are needed to sufficiently drain the resource. Jse still expects an amortisation in 3,5 years, although it doesnt say if this starts at completion or already started at 1st january 2022 where this aquisition is backdated to.So overall with low cost production, very low decommisioning costs this seems to be a blinder. But it's not that highly accretive like other deals that have already paid for itself at closing of the transaction.So nice to have, but far from transformational.Wer really need montara restart soon. 3 aquisitions closed in 4 months (although I would call it 2, as the 10% lemang interest was long known) is a good track record, but it was nothing transformational. It would have been much better if the company just had the lost 5-6 months of montara production instead. But I guess they had no opportunity to choose :)6 months of montara production made Jse lose out on around 180m$ revenue to date plus additional costs for repairs, maintanance, etc. So I guess the damage could be around 200m$ to date. Sad, but nothing to do about it. I just hope the flagship starts running again soon like promised.
Posted at 02/2/2023 08:11 by ashkv
Winnet / Mount Teide appreciate your sage words. MT have started studying the shipping industry post your insightful analysis on other chats...

Agree that expensive is relative and I have been dabbling in JSE since its IPO.

However, IMHO JSE needs to start exceeding expectations to merit that premium? Would you not concur that if JSE is trading at a premium it should perform so?

However, JSE Management in my view (Don't have to agree with me and get virulent) and have impaired their credibility given not so straightforward handling of Montara. Guide conservative and provide best case results are the sort of managements that an investor would hope for... not vice versa... Montara was guided post several delays for End Dec 2022 but here we are....

Mount Teide
2 Feb '23 - 07:58 - 12268 of 12268
0 0 0
ash - the best companies can often be relatively expensive - Apple has been very expensive for decades but it has not stopped them making countless millionaires out of people who invested as little as $10k.

Posted at 02/2/2023 07:36 by ashkv
Cursory overview of JSE with the info from 2 Feb 2023 Ops Update RNS

Enterprise Value / Flowing Barrel (Actual Current Production) is as for a share price of 82.4p at the second highest measurement per my periodic updates to my JSE file for the past 2 years... Certainly high value for EV/Flowing Barrel will alleviate with Montara restart if and when it transpires...

Try not to view management guidance with rose colored glasses...

JSE had guided for $100mn Net Payout Yield in 2022.... (Buybacks + Dividends + Special Dividends)

SP: 82.4
Brent: $83.50
Brent Current Price Performance vs 18 Aug 2021 low of $65.33 (GBPUSD 1.36): 27.81%
JSE Current Share Price vs 52 Week low of 66.4p on 14 Sep 2022: 24.10%
JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -25.09%
Shares Outstanding: 448,368,190
GBPUSD: 1.24
Production Guidance 2023 (TBA): TBA
Estimated Current Production Ex-Montara: 9,168
Production Average for 2022: 11,487
Debt: Zero Debt
Cash (USD) 31 Dec 2022 (Per 2 Feb 23 Ops Update RNS): $122,000,000
Market Cap (GBP); £369,455,389
Market Cap (USD): $458,124,682
Cash % of Market Cap: 26.63%
Share Price Cash Component: 21.94p
ENTERPRISE VALUE (USD): $336,124,682
EV/Barrel(USD) 2023 Mid-Guidance: TBA
EV/Barrel(USD) Estimated Current Production Ex-Montara: $36,663
EV/Barrel(USD) 2022 Actual Average Production: $29,261
Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000

Posted at 30/11/2022 11:06 by mount teide
Invested most of the chunky 6.3% Q3 dividend yield from Star Bulk into JSE this morning - adding 27.5k.

On the basis, I expect SBLK to go largely sideways during Q4/22 and Q1/23 but, likely still generate very substantial dividends because of its huge revenue generating operational advantage over 85% of the world's Dry Bulk shipping fleet. Thought the risk/reward at JSE over the next 6-12 months is likely to offer better upside potential than reinvesting the dividends in SBLK at least until Q2/3 2023.

Posted at 20/9/2022 12:42 by thommie
I have listened to the call as well. And ofc, I am as frustrated as everyone else here (including Paul Blakeley) that these corrosion problems did happen. And ofc I can understand the blames to management because of that general frustration. But tbh operating ageing fields and fpso's are more likely to bring those sorts of problems with them. So we all know of the risk that comes with it and still invested. On the other hand major spills and other problems can happen on new fpsos and new fields as well, so there is always that little probability that sth. might go wrong. So it would be better to judge over the management about how they react to those problems and solve them as you cant completely impede them of happening. We have talked so many times throughout the last 4 years on this BB about the high quality management of JSE and our believe in them to get things done properly. And i dont see that quality any different after the corossion problems on the Montara fpso happened. It's still the same people we admired before. So calm down a little bit and stay objective.
All that listened the call today know that the inspection program of tanks that they have carried out before didnt show any signs that could have led them to changing their inspection program. Paul also stated that they just reinspected a tank (I dont remember the number) they did inspect some years ago and didnt find any change to the good conditions they encountered in the first inspection. Meaning everyone of us would have thought, that the condition of the other tanks were similar. So I just dont see a major mistake. And we have to remember one bad thing about this fpso which I realised in the call. The whole problem could have been that the accomodation space for workers is small and very limited compared to other fpso's. Why? Because if you remember right we had COVID for the last 2 years, which meant 2 things: Capex was reduced to minimal lvls to withstand the storm. And manning power of the fpsos was reduced even further to limit a possible COVID infection round on the fpso. All that surely must have led to defered inspections, etc. So if that didnt happen JSe might have inspected those tanks many months before (you have to know, that they were planning to inspect tank 2c (where the minor oil spill in June happened in July/August). And ofc they would have found the leak and repaired it. The cofferdam is in place since yesterday and the work for final repair can start now.
The leak at tanks 5c/4s just to clarify was between those tanks, not in both tanks down to the sea. Thats why they were able to fix this hole already and dont need a cofferdam to fix the hole without risking another spill if sth. goes wrong(you can see the before/after picture in the presentation on page 11).
Btw it's super interesting to see these tanks, never saw it before...

So atm they are working with 3 crews to do the work on 3 tanks simultaneously, but that doesnt allow to have production crews on board due to the limited accomodation space. They plan to get ahead of the inspection planned and to also carryout work that was planned during a shutdown of the fpsos at end 22/early 23.
If those tanks are repaired it's all they would need to reinstate production, they also would have the possibility to do smaller cargoes (instead of the usual 450k bbls cargo, do half sizes). They could then still go on inspecting the tanks they havent visited during the shutdown.

Jse is in a good position with a decent cash buffer to withstand this problems. I'm sure about it. Sometimes I get frustrated that I didnt sell my shares at 110p in the summer. But then I realize, that even this low share price atm doesnt change anything for me, as I wouldnt have sold any shares anyway. so till montara is back up again the share price will be muted, but it will regain the losses soon after. And who knows what M&A we will be faced with next.

In opposition to many of you I am very positive about the statement made about maari. I dont see why it is bad that the regulator wants to negotiate different terms into the contract between OMV and JSE. All of you are afraid that they wanna change the effective date. But why should they do that? that would be an own goal. The main concern for the new zealand government regarding this transaction was always that seeing a big player of oil and gas (OMV) with a big pocket of money leaving the liabilities and future decomissioning costs into the hand of a small player like JSE after experiencing the bancruptcy in a similar transaction of the buyer, that lead the problem that the government was faced with high decomissioning costs of the Tui field (if I remember it right?). So they want to make sure that this doesnt happen again. So the big cheque JSE has aquired since the economic effectife date of 1st January 2019 will only help to reduce the risk that this happends again. That's why I dont see why you think that the regulators wanna change anything into a smaller amount of money due to JSE. But obviously they are not interested that hit sbig amount of money flows to other operations of JSE where things could go wrong and lead to bancruptcy of JSE which would mean a rerepetition of the Tui debacle. So I'm more or less sure that they try to implement sth. like JSE has to do with the Northwest shelf aquisition in australia that recently got announced where they have to save the complete expected future decomissioning costs for their share of the field into a bank account where the money cant be touched again. I dont know how big the surplus after paying the transaction price for maari is atm. But I remember a number of around 50m at the end of 2021 due to JSE on the completion of the transaction. With high oil prices during 2022 it will have gotten even bigger! So not knowing the exact decomissioning costs of maari in the future, I would guess, that if JSE agrees on putting let's say 75-100m into such an account for future decomissioning (which wouldnt cost them any cash they hold in hand) the regulator would give green light to the transaction. I see this as the only way to go forward, as OMV wont agree on different terms that will make them responsible for decomissioning costs in the future if JSE wouldnt be able to pay for them.

The malaysian assets already had such a fund for decomissioning costs, where the JV had to pay a specific amount on a regular basis, which led the the case that when JSe took over the assets from OMV around 80% of all future decomissioning costs were already paid for...

And though we all are afraid, that the recent montara problems could lead to the impression in new zealand and elsewhere, that JSE is the reason for the problems ofc it isnt. But JSE with their approach to shut in production (which they werent forced to) on their own to do the things right instead of fast actions that may not be that reliable in my view shows them that they are capable of managing these sort of problems - and that's all it is about. It's not like the majors do have less problems or spills, etc. But it's about the trust in a company to be capable of dealing with this problems in a proper way. And in my view JSE is showing that they are capable of doing it atm.
I dont see any problems for the aquisition of the NW Shelf assets, as this is non operated. But as stated JSE tries to get more WI on that specific asset, which means such a transaction will only be approved by the NOPSEMA if JSE acts in a capable way at Montara now.

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