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Share Name Share Symbol Market Type Share ISIN Share Description
Jadestone Energy Plc LSE:JSE London Ordinary Share GB00BLR71299 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  6.00 7.5% 86.00 84.00 87.00 86.50 79.30 80.00 1,618,538 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 159.4 -41.9 -9.5 - 400

Jadestone Energy Share Discussion Threads

Showing 11476 to 11499 of 12425 messages
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DateSubjectAuthorDiscuss
15/11/2022
11:26
How do you know they want to sell 5m shares?But would be very good for the buyback program if they would feed some 100 000 packages each day into it :)
thommie
15/11/2022
11:15
Polar Capital reducing and by 5.0m is interesting, as history shows that could well be a BUY signal!

Polar completely sold down a notifiable position (circa 4%) in Touchstone Energy at around 12p - within 18 months the shares were changing hands for 185p. Ouch!

Would have liked to have been a fly on the wall in their Boardroom when that 'investment' decision disaster was subsequently discussed.

Polar Capital have a good record of picking the right ones in the sector but seem to lack the patience necessary to achieve the best returns.

mount teide
15/11/2022
11:05
hTTps://www.morningstar.com/stocks/xlon/jse/ownership

the above allows you to see some of the movements in stock ownership by funds/instis.

says rating as of 14th november - but not really sure how up to date.

sea7
15/11/2022
09:33
L2: looks like WINS have a decent line of stock available that they're willing to offer at slightly below 79p, while the rest of the MM's want 81p or above

4 v 1 / 78p v 79p (then 1 x 81p, with the other seven spread between 82p and 85p)

mount teide
14/11/2022
12:48
O&G industry also think Jadestone has bought the CWLH Fields at a good price with an eye to increasing their interest, potentially up to operatorship level.

'It’s another of what is becoming a trademark Jadestone deal – producing (oil) asset acquired from a willing seller at a good price,” Andrew Harwood, Asia Pacific research director at Wood Mackenzie, told Energy Voice.

Jadestone acquires stake in NWS Australia oil project from BP - Energy Voice today

Jadestone Energy has announced the acquisition of a 16.67% interest in the producing North West Shelf oil fields offshore Western Australia from BP. The deal is in line with the London-listed company’s strategy of acquiring low-cost barrels at less than US$3/barrel, while establishing an entry position into what it describes as a “very high-quality long-life asset with very low decline rates.”

It’s another of what is becoming a trademark Jadestone deal – producing (oil) asset acquired from a willing seller at a good price,” Andrew Harwood, Asia Pacific research director at Wood Mackenzie, told Energy Voice.

“This is interesting in that it’s non-operated, but it’s likely Jadestone will increase its participation by acquiring interests from the other partners,” added Harwood.

Simon Molyneux, managing director at Perth-based upstream consultancy Molyneux Advisors, told Energy Voice that “it’s a good deal in Jadestone’s context. Cash generative today. I believe Jadestone are thinking that incremental value can be generated by pushing out the abandonment date.”
“Perhaps we will see Jadestone building a larger stake and eventually taking operatorship from Woodside,” he added.

mount teide
14/11/2022
12:43
Further thoughts:

NWS Oil Project Asset - What is remarkable is the low OPEX of these fields considering their age and production profile.

The Catcher field in the North Sea has a BW FPSO on charter at a cost of circa $210m a year for the initial 10 year fixed charter period - which at circa production of 26k bopd in 2020, indicates an operating cost JUST for the FPSO of $26.7/bbl. At a production level similar to the circa 14k bopd for the assets JSE has just acquired, it would increase to $41.2/bbl, just for the FPSO.

Initial production at the CWLH fields were circa twice that at the Catcher Field, averaging circa 72,000 bopd over the first 15 years of its life to 2010, and 27,600 bopd since. With a large STOIIP of around 890 mmstb - the management believe there is considerable potential to add incremental reserves through infill drilling, targeting unswept oil across all four fields, and an opportunity to extend asset life beyond 2031 (the initial design life of the Okha FPSO).

The North West Fields have a current OPEX of $21-22/bbl INCLUSIVE of the finance and operating cost of the new FPSO deployed in the field in 2011 with a minimum 20 year operating life.

As previously alluded to, this deal provides a blueprint for the industry to provide Governments/Regulatory Authorities with the comfort necessary to enable the future transfer of large company mid/late life O&G assets to smaller players.

By implication, it also means from a competition perspective that only smaller players with considerable cash resources and industry experience are likely to be considered for such assets ....... meaning a very small pool of potential buyers for a very large pool of mid/late life assets.

Great news for a cash rich company like Jadestone Energy, that has a very hearty appetite for attractively priced, high quality mid/late life assets!

mount teide
14/11/2022
12:19
CWLH Fields - Worth reminding ourselves of what we've just bought.......considering the asset size, very short pay-back period and excellent scope for extending the commercial life through infill drilling( field has only seen an extremely modest level to date) .......reading between the lines of recent market communication, the acquisition of more of this very high quality, long life asset with a slow decline rate, at a similar price is likely at a very advanced stage, if not imminent.

That operator Woodside declined their pre-empt rights to acquire BP's shareholding, is a very strong indication the asset, post their BHP merger, is no longer material at the price Jadestone paid and, if offered, are likely to take something similar for their shareholding.


North West Shelf Assets - CWLH Fields

Production in Q1/2022 bounced back to average 14,178 bopd / 2,363 bopd net to JSE.

Presumably, as a consequence of the work plan carried out in 2021, the CAPEX budget for the next 4 years has been forecast to average just circa $12.5m/yr ($2.72/bbl @ 2,100 bopd), while the OPEX is forecast to average $100m/yr(circa $21.75/bbl) for 2022 and 2023, and an average of $110m in 2023/24.

'The Acquisition will be funded from the Company's on-hand cash resources, and will not impact the Company's ability to fund planned capital spending or shareholder returns.

The Seller's interest includes Petroleum Resource Rent Tax ("PRRT") credits. Jadestone anticipates that these credits will offset any PRRT payable on the acquired interest through to the end of the asset's life. Jadestone has, and will continue to pay, Australian PRRT and corporate income tax on its Australian operations where applicable.

The North West Shelf Oil Project joint venture partners have waived their pre-emption rights and given their in principle consent to the Acquisition, thus reducing the conditionality of the transaction.'

Reading this is easier on the eye than a supermodel on the catwalk in a bikini !

2,077 bopd - 2021 Average Production - but, there was 'significant maintenance activity in 2021 including a five-yearly survey to establish the technical condition of the FPSO', which resulted in a significant period of field downtime according to the historical production chart for the CWLH fields in the Presentation.

Confirmed by production in Q1/2022 bouncing back strongly to average 14,178 bopd / 2,363 bopd net to JSE.

The closing comment PB gave a during the deal announcement webcast is the one that will stay long in the memory - to paraphrase "in the North Sea decent recent deals were at circa $15 per flowing barrel, I've seen some up to $20, so, we think to pay a total of $10-11 per flowing barrel (INCLUSIVE of abandonment) with no future decommissioning costs is an excellent deal".

mount teide
12/11/2022
16:03
Agree with the targets . I think 1.5 by July and 2-2.30 by year end. Imho 85 $ average is to low. Any comparison on production and cash flow growth since IPO? Probably more than share price growth?
jeff114
12/11/2022
11:42
Since coming to the London AIM in September 2018, JSE has achieved a CAGR of 23% PLUS Dividends.

My revised production and net cash estimate and H1/2023 valuation target post resumption of operations at Montara this quarter is:

20,000 bopd - Total production across the assets by year end

$130-$150m - Net Cash at Year End

$288m - Est current E/V

£1.20 - £1.50 - H1/2023 Target Valuation


After a disappointing 2022, largely the result of Operational Issues, 2023 offers the prospect of highly material upside potential:

6.75m bbls - 2023 Annual Production at an Estimated 18,500 bopd

$425m - Est Annual Operating Cash Flow at an average of $85 Brent / $25/bbl OPEX

which, subject to a smooth execution, and without the addition of further acquisitions, offers realistic potential for a 175p to 200p year end 2023 share price, should Brent average $85, which is well below Goldman's recently raised $110 Brent forecast for 2023, and the uber bearish EIA's $95 Brent forecast.

AIMHO/DYOR

Final thoughts on the investment prospects for Jadestone (or any other stock an investor may hold) were made by Warren Buffett: "If you're not prepared to buy more stock at its current price, you shouldn’t be holding it anymore"

mount teide
11/11/2022
12:39
thanks again MT
sea7
11/11/2022
12:17
Sea - Nopsema do have the final say with respect to removing their own suspension of operations order on the FPSO but, once the Classification Society has re-instated Class, it would be inconceivable were Nopsema not to do so, and almost immediately.
mount teide
11/11/2022
10:32
thanks MT - wasn't sure if NOPSEMA had the final say!
sea7
11/11/2022
10:30
Sea7 - whoever heads up Nopsema, once the Classification Society reinstates Class on the FPSO, it is effectively telling Nopsema that the Montara Venture meets the structural and operational standard to recommence operations.
mount teide
11/11/2022
10:16
Adam Rozencwajg, (Managing Partner at Goehring & Rozencwajg), talks to Top Traders Unplugged on the demand-side aspects of the global oil and gas supply.

Https://www.toptradersunplugged.com/podcast/adam-rozencwajg-global-macro-series-october-26th-2022/?__hstc=&__hssc=&hsCtaTracking=90251cdd-c8aa-4bd2-a586-5f7ff7ade79a%7C044299fa-ab8d-411d-b238-b4186c24a09d
-------
n.b the first discussion mostly addressed the supply-side, here's the link;

Https://www.toptradersunplugged.com/podcast/adam-rozencwajg-global-macro-series-september-28th-2022/

jacks13
11/11/2022
10:14
With a lifting every 45 days - JSE next lifting should be Mid August .
croasdalelfc
11/11/2022
07:21
So that means Jse should get around 100$ for that lifting of 650k bbls including the expected premium to brent.So after receiving this funds the aquisition (they already got 5m$ after adjustments on closing of the deal) Jse will have also got back the cash (41m$).they just paid into the decom fund for expected future liabilities. It's planned to pay another 21m$ each end 2023 and end 2024 to meet 100% of the expected future decom costs for their WI of the field.At current oil prices and with the expected production till year end 2023 they should make real profit for every barrel they produce after that, having met all future decom costs already with the ca 1m produced bbls till end 2023 from now on at 2300 bopd net.
thommie
11/11/2022
06:31
Offtake at OKHA happening now
croasdalelfc
10/11/2022
18:17
Had a reply from the company - "Happy to confirm there is no intention to swap out the Montara Venture FPSO for a different vessel........

........this should be clear from the quote given by the company, that is included in the article.'

Sounds like exploring potential interest to sell and charter back the FPSO is probably nearer the mark with respect to the comments made by FPSO market sources.

mount teide
10/11/2022
15:07
FB- Exactly.
mount teide
10/11/2022
14:57
And who can be sued for compo if they leak.
fardels bear
10/11/2022
13:21
When you search for fpso montara venture value you find a link to the article with this quote under it '- "This emphasises our commitment to maximising the life and value of Montara, and the Venture FPSO remains an integral part of that strategy.' From Paul Blakely. But they will be aware of the value of the asset and if they can make a good deal I trust them to do that
jeff114
10/11/2022
13:09
Haven't read the report - but it would not surprise me if Paul Blakeley were considering the sale of Montara Venture to an FPSO operator against a 10 year charter deal.

The funds raised from the sale would cover the cost for a material period of a 10 year charter. it would be a smart move politically and from a PR perspective too, as it would transfer the onus onto a professional FPSO operator to maintain the FPSO.

mount teide
10/11/2022
12:25
And the conclusion drawn?
fardels bear
10/11/2022
12:01
hTTps://www.upstreamonline.com/exclusive/fpso-players-keeping-an-eye-on-two-ageing-vessels-in-australia/2-1-1344364

Behind a paywall unfortunately. dated 3rd Nov 22

FPSO players keeping an eye on two ageing vessels in Australia

According to multiple FPSO market sources, the Northern Endeavour and Montara Venture FPSOs are on the radar screens of interested parties...

sea7
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