Jadestone Energy Share Discussion Threads

[tom111] 21/2/2024 14:41

Thats of cause if we are reinstated (hope so)

[mount teide] 21/2/2024 13:18

Q2 obviously means any date up to and including the 30th June, however, I suspect the market would react very well were the contractors to complete comfortably before that date.

Even based on the content of the latest video, I for one would be not bet against a very highly regarded Japanese civil engineering contractor, with a long and enviable track record across the region of completing major O&G industry development projects on time and to budget, to beat the deadline.

AIMHO/DYOR

[tom111] 21/2/2024 11:39

Thats what i was expecting FB

[fardels bear] 21/2/2024 11:19

It said by the end of Q2. So, that's by the end of June.

[tom111] 21/2/2024 08:49

Pretty sure it said to production 2nd quarter

[kaos3] 21/2/2024 07:47

Depends on definiton of completition

Is it physical
Or
Is it operational

Probably physical. Meaning after 100 % finished there is a long way to go to the production.

Certification, test running etc

[pughman] 20/2/2024 23:57

It'll be March next week, I bloody well hope so.

[nigelpm] 20/2/2024 22:25

It may well complete whilst share is still suspended

[pughman] 20/2/2024 22:00

Akatara progress.
20.7.23-42% completed.
31.8-55%.
9.10-70%.
13.11-83%.
4.12-87%.
15.1.24-91%.
31.1-93%.

[mount teide] 20/2/2024 21:31

pughman - had my doubts too - During many months in 2023 they completed 5-7% of progress, so it will be interesting to see how long they take to complete that last 7%.

[nigelpm] 20/2/2024 19:52

It's like a lot of construction. Large part of the time cost is in groundworks. The last bit goes quickly.

[pughman] 20/2/2024 18:59

MT, I've been thinking that with every monthly video they put up. Let's see how long that remaining 7% takes.

[nigelpm] 20/2/2024 18:54

Not that it would make a huge difference but video will have been shot before 93%.

[fardels bear] 20/2/2024 17:26

Been raining there too.

[mount teide] 20/2/2024 17:26

Thanks sea7

'The Akatara development project is currently 93% complete. Approximately 1,850 workers are currently on site.

First gas and final acceptance of the Akatara Gas Processing Facility remains on schedule for the second quarter of 2024.'......31st Jan Trading Update

Having overseen a number of ship newbuilding and conversion projects, and port extension projects, have to say, none looked like the unfinished building site appearance of the Akatara development project when they were at 93% completion.

Would welcome comments from any O&G or civil engineering industry professionals here with first hand experience of delivering such or similar projects who could offer a professional opinion on the 93% completion claim for Akatara?

[sea7] 20/2/2024 17:03

Jan akatara video is up

[mount teide] 20/2/2024 14:58

JSE would have been far from alone in declining to pursue any further interest in the Thai assets - there was considerable doubt as to how much further commercial life the assets had left before some very hefty decommissioning liabilities kicked in. The VLE management took a punt and have been proved spectacularly right/very lucky!

[tom111] 20/2/2024 14:42

Thanks for that last bit,i needed that MT lol

[mount teide] 20/2/2024 14:09

O/T - tom111 - it was - when a microcap they bought in 2023 a producing Thai asset for $10m that has since proved an incredible bargain on every valuation metric.

"Net Cash position of US$150.9 million(1) as of December 31, 2023, versus a Net Cash position of US$5.0 million at December 31, 2022."

Broker Auctus is forecasting net cash of $530m in 2016.....some performance if met, as VLE would have generated over half a $billion of net cash improvement in 4 years from a position where they barely had two pennies to rub together!

Auctus have increased their price target from $6.40 to $8.50.

‘Valuation: We have increased our production forecast to >20 mbbl/d in 2026 and to
>17 mbbl/d in 2027. We have increased our Core NAV and ReNAV from respectively C$5.55/sh and C$6.34/sh to C$7.50/sh and C$8.50/sh.

Assuming US$70/bbl for Brent in 2026, our YE26 net cash forecast is now
US$530 mm (US$410 mm previously) while YE24 net cash is unchanged.'

Understand Jadestone looked at the Thai asset prior to the Valeura team.

[tom111] 20/2/2024 13:22

12th March 11 percent thanks for posting

[11_percent] 20/2/2024 12:58

2 March Jadestone, Barings Emerging EMEA, Polar Cap Financials, Ecora, JPM Global Core Real Assets

[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.