Jadestone Energy Share Discussion Threads

[tom111] 20/2/2024 12:32

I see their listing was cancelled in UK around the 14th July 2022 due to a reverse T/O MT

[mount teide] 20/2/2024 11:55

O/T - Valeura Energy (VLE) - mentioned here initially in Dec 22 as a new investment, Valeura had a very strong 2023 - reinforced today with the publication of a stunning Reserves and Resources Update. It bodes very well for 2024 and beyond.....the market was expecting a strong R&R update but, it's significantly ahead of even the most optimistic broker expectations.


Valeura- Year-End 2023 Reserves and Resources, Strong Growth and Value Creation
February 20, 2024

'Singapore, February 20, 2024: Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura̶1; or the “Company”;), the upstream oil and gas company with assets in the Gulf of Thailand and the Thrace Basin of Türkiye, is pleased to announce the results of its third-party independent reserves and resources assessment for its Thailand assets.

Highlights

Reserves increased across all fields –29.9 MMbbl 1P, 37.9 MMbbl 2P and 46.5 MMbbl 3P

1P and 2P Reserves Replacement more than double the volume of oil produced in 2023 – 219%

2P net present value before tax of US$616 million and US$429 million after tax

Considering year end 2023 cash position of US$150.9 million, 2P net asset value after tax of US$579 million, equating to C$7.56 per share(2)

More than three-fold increase in best estimate (2C) contingent resources, on a risked basis.

Discounted at 10% discount rate (NPV10):

Proved plus probable (2P) NPV10 plus net cash of US$150.9 million at December 31, 2023 (cash US$150.9, debt nil), assuming C$/US$ exchange rate of 0.742, and 103.3 million shares outstanding

Sean Guest, President and CEO commented:

“I am very pleased to announce the results of our end 2023 reserves and resources evaluation, which show substantial increases on all fronts, whether expressed as volumes of barrels or dollars of value.

Through our work programme in 2023 we have replaced more than double the oil we produced, extended the anticipated economic life of our portfolio, and recorded a significant up-tick in NPV. This is an additional year of results that supports our thesis that these assets will continue to deliver cashflow well into the future.

Not only has the value of our assets increased from US$261 million at end 2022 to US$429 million at end 2023 (on a 2P after-tax NPV10 basis), but during the intervening calendar year, cash flow from the assets’ 7.5 MMbbls(1) production has enabled us to fully pay down our debt while also accumulating US$151 million in cash by December 31, 2023.

Together that creates a net asset value of US$579 million, which, based on our current shares outstanding and foreign exchange rates, equates to approximately C$7.56 per share.

Importantly, our performance in 2023 has resulted in 1P and 2P reserves growth at every one of our assets. For the more mature fields, Manora and Jasmine, our infill drilling programmes have increased reserves and extended field life.

For the growth fields, Nong Yao and Wassana, these estimates underscore the value potential of pursuing further development opportunities. 2024 will serve as a proving ground for us to increase output from the Nong Yao field, with development of the Nong Yao C accumulation already well underway.

At Wassana, largely as a result of our appraisal work in 2023, we have recorded a two-fold increase in 2P reserves, thereby validating our view that the field offers substantially more oil to commercialise than initially envisaged when we acquired the asset.

Our strategy is to continue pursuing value through growth in all its forms. That includes working to unlock contingent resources (which have also increased 3 ½-fold, year-on-year on a risked basis) and through an active near-field exploration programme this year.

We take great pride in our asset base in Thailand and are pleased to have such a high quality portfolio to continue driving further value growth for our stakeholders.”

[tom111] 19/2/2024 20:58

Suggest one that produces the same amount without any catches 11 percent difficult i would think.

[11_percent] 16/2/2024 10:33

Seems to me its cheaper to scoop up the smaller oil and gas companies themselves while they are at rock bottom valuations than mess about buying assets divested by majors.

=================

Good point.

[fardels bear] 15/2/2024 10:20

Or the soup kitchen

[trump45] 15/2/2024 10:11

Nice timing. I put my entire pension in here on the drop from the Jan RNS. Go big or go home.

[fardels bear] 15/2/2024 09:35

Seems to me its cheaper to scoop up the smaller oil and gas companies themselves while they are at rock bottom valuations than mess about buying assets divested by majors.

[ashkv] 15/2/2024 09:31

Incredulous how so many big companies are seeking to sell non-core high carbon intensity hydrocarbon assets in preference of more carbon efficient oil extraction operations!!!

So much opportunity for small/mid E&P firms to scoop up these assets as they are not maligned by activist investors unlike the mega/large hydrocarbon firms!!!

And as "It" was in a facetious slant inquiring as to claw back of decom costs - as the excellent recent substack analysis conveyed these costs are not clawed back for the already transacted JSE deals.

For CWLH assets decom costs are paid upfront in full and for Malaysian/Penmal assets the lions share of the decom costs have already been fulfilled in a dedicated abandonment fund / are also paid on an ongoing basis.

The majority of JSE Decom liabilities are for Montara and Stag - the latter has a shelf life till the mid 2030s... And Montara also has a ways to go!!!

[nigelpm] 15/2/2024 08:01

Very nice timing!

[upwego] 15/2/2024 06:55

Bought £25k worth day before suspension. I`m also in SAVE as well suspended also due to a RTO been 14 months to date, I`m sure it won`t take that long for JSE as I feel Africa is just long, real long.

Anyway happy to have bought at that price with already another 2300bpd added and if they can pull it off, then it fireworks for sure.

However, there is no confirmation that any offer has been accepted by woodside so pretty much still pie in the sky.

Will see, in the mean time 2 big share holdings of mine both suspended.

Good Luck all

[the_gold_mine] 14/2/2024 21:09

I can´t speak for recent operational performance but in terms of track record for closing top quality O&G acquisitions I don´t think there are many out there better than Paul Blakely. And I wouldn't put it past him to pull a rabbit out of the hat on this one.

[nigelpm] 14/2/2024 12:17

Well quite - but Tyrus would need to be happy to relinquish shares so any other external bid would need to be at a material premium to 50p one would think almost certainly ruling that out too.

[1ajm] 14/2/2024 11:44

Hope it keeps going in a positive direction MT.

Glad the RNS was as expected today, a bad RNS today would have felt devious.

Quick question with regards to abandonment funds in general. If an asset is sold with an abandonment fund can it be claimed back by the seller and the new owners have to fulfil the liability? as in a transfer kind of scenario. (either way of course it is taken into account when reaching a deal, I was just curious on specifics without searching through the abandonment fund act pages)

2nd question. more specific to todays RNS. Japan Australia LNG (Mitsubishi Australia ltd) have they public given any reason for their decision to pay for someone to take their share of CWLH? is it change of strategy? not wanting to fund decommissioning obligation? Not wanting to deal with oil anymore?

Thanks.

[winnet] 14/2/2024 11:09

Okay, thanks, MT.

Probably wouldn't stop AN Other investment house from doing the same though... The longer we stay off the market, the more progress we make, and the more chance of what I suggest coming to pass.

Just my opinion.

[mount teide] 14/2/2024 11:07

Winnet - Tyrus - it’s an opinion based on research that strongly suggests it’s not in their investment model DNA.

[pughman] 14/2/2024 10:34

ashkv, those current production numbers feel about right. The CWLH March 24 lifting has been sold at a small premium to Brent.

[fardels bear] 14/2/2024 10:33

Make that the half time score.

[fardels bear] 14/2/2024 10:31

I'd say rather that the current state of the game being played against JSE shares the current score is 23.5p

[winnet] 14/2/2024 10:26

ashkv - Yes, but the last time I looked the market valued us at 23.5p!! So if Tyrus came in [as part of the Woodside deal] with a bid to take us private at 50p, I would not be surprised in the slightest!

MT - zero chance? Care to share why?

[ashkv] 14/2/2024 10:25

Eye of the tiger MT!!! All the best!!! May the force be with you!!!

[mount teide] 14/2/2024 10:23

Pug - Malaysian O&G basins - already shaping up to be one of Jadestone’s primary areas of organic production development and M&A activity. If the speculative interest in Pryenees is unsuccessful(Blakeley likes a bargain) I strongly suspect Malaysia will prove to be of even greater interest to the company, as it’s a market they know very well from their Talisman days and where operators of mature fields are getting very attractive fiscal incentives to extend the licences. On what I know, I fully expect to be Jadestone shareholder in 2 years time, probably at a share price much closer to 100p than the current price. I believe there is zero chance of Tyrus making an offer for the company. AIMHO / DYOR. Sent from a phone as I sit in a clinic having the latest round of immunotherapy drugs intravenously drip into me for hours on end - a very small inconvenience considering the incredible life extending impact they‘ve had on me over the last 5 months! Whatever happens over the year ahead the disease knows it’s in a real fight against an opponent that hits back and won’t be going quietly!

[ashkv] 14/2/2024 10:18

I would be flabbergasted if JSE agreed a bid at 50p

Share price should be 80-90p by year end 2024/early 2025 at $80 plus Brent, and Montara behaving....

PB himself in a recent conference call/webinar valued JSE at 90p!!!!

[ashkv] 14/2/2024 10:14

MONTARA (H1 23 Premium to Brent $1.5) 6,000 boe/d
STAG (H1 23 Premium to Brent $16) 2,500 boe/d
CWLH (Brent? No mention of adj in H1 23 Results) 4,600 boe/d
PENMAL (H1 23 Premium to Brent $3.5) 6,500 boe/d
SINPHUHORM (Reported as Dividend for JSE Share) 1,500 boe/d

Current "Estimated" Production Prior to Akatara Start -> 21,100 boe/d

[yasx] 14/2/2024 10:05

It has for a while been something of a concern - is PB playing to the tune of Tyrus and what do they have in mind?