Jadestone Energy Share Discussion Threads

[nigelpm] 19/8/2024 06:39

I agree on the expectation point but happy to allow some grace on akatara given the scale of the project and construction part was done bang on time.

[itsriskythat] 19/8/2024 06:13

Jadestone needs to get out of the habit of not meeting expectations. No-one can disagree with that.

[nigelpm] 19/8/2024 06:08

Getting there. Sensible to be doing it carefully but it is taking a bit longer than planned.

[arlington chetwynd talbott] 19/8/2024 06:07

Certainly painfully slow progress.

[ashkv] 18/8/2024 12:46

Perhaps a Hail Mary next week in that perhaps RNS incoming that JSE has received a bid of 50p for the firm and turned it down... it appears nothing else will shake this share from the doldrums...

Really painful share... nothing but pain for the last few years...

Muppet useless CEO needs to go!!!

Sadly another gas bag rather than a go getter!!!

[spangle93] 16/8/2024 12:45

;-) no probs MT

I was involved quite a bit on Crux, though Covid happened before FID so I never saw the ultimate scope and design in the FID package. So I can only speak to how it was. But the primary scope/design principle was (most unlike Shell!) to build a low spec, fit for purpose only, NNM platform for exploitation of the field, with minimal flexibility for future expansion or tie-ins beyond the couple of prospects in the immediate vicinity.

I think I added my edit as you posted

[mount teide] 16/8/2024 12:37

s93 - thanks, I could have worded that a little more precisely.

[spangle93] 16/8/2024 12:34

Ref 22347

Just to be straight, Crux is NOT an LNG project.

Crux is a gas field under development to provide secondary gas to the Prelude FLNG vessel once there is space process capacity on the vessel.

edit
Even if gas from Montara met the very tight spec for FLNG, and could be tied in to a Crux production line, it wouldn't be until after 2030. So I guess the JSE plan is to continue to try to deliver cash flow positive oil production until blowdown of the augmented gas cap is possible.

[mount teide] 16/8/2024 12:30

Trading Update - 30th June 2024

'Two main central oil storage tanks are currently in service with effective capacity of 187,000 barrels. Recent inspections of two further central oil storage tanks, and their associated water ballast tanks, found them to be in better condition than expected, providing confidence that further oil storage capacity will become available in the second half of 2024.'

Montara Venture - Incredibly, the in-situ inspection, remediation and maintenance work programme has been ongoing for close to TWO years. In light of the update above(the full detail of which I somehow managed to miss at the time) Paul Blakeley needs to take accountability for the appalling choices and actions taken, as its been nothing less than a total shambles - and a horrifically expensive one too.

After two years - the total number of cargo tanks currently back in operation is TWO central tanks - with a combined capacity of 187,000 barrels!

In effect, after two years and at astronomical cost in terms of extremely expensive Australian maintenance personnel and the long term charter of shuttle tankers at market high rates, they have brought back into production the grand sum of just 20.7% of the cargo capacity of the FPSO. This is industrial scale incompetence.

This level of performance in any professionally run shipping company would have guaranteed a size 10 boot up the jacksy out the door with your P45 in hand long ago.

At the current rate of progress it could take many years to get back to the 600,000 barrels of tank capacity available prior to the hull watertight integrity issue.

AIMHO/DYOR

[1ajm] 16/8/2024 12:24

Yes, you're right costs for SK11 re-drill are included in that.

[ashkv] 16/8/2024 12:22

Was not the outcome that I was hoping for - Akatara operational and JSE just 10-11% above the 6 month low....

[1ajm] 16/8/2024 12:19

Four well East Belumut (EBA) infill drilling campaign
commenced in late August 2023
— First well (EBA-01ST3) brought onstream in September 2023
with initial test rates of 2,827 bbls/d
— Second well (EBA-16ST1) brought onstream in October 2023
with initial test rates of 3,292 bbls/d
— Third well (EBA-12ST1) brought onstream in October 2023 with
initial test rates of 3,098 bbls/d
— Fourth well (EBA-15ST2) brought onstream in December 2023
with initial test rates of 3,121 bbls/d

JSE 60% 7,402 bbls/d
H1 2024 5,455 boe/d

[ashkv] 16/8/2024 12:00

Montara

Significant sweet gas resource (c.350bcf) to be developed via adjacent gas infrastructure

[yasx] 16/8/2024 10:54

1AJM,

Agreed -PB is a liability.

The market finds it difficult to accept that further failures and issues are unlikely.

[mount teide] 16/8/2024 10:53

Some noteworthy comment from the 2023 Annual Report - published 27th April 2024

Montara: 'While Montara is still an important asset to us, with safety, integrity and uptime performance at the forefront of our minds, going forward we will adjust our operating philosophy to ensure that operational and capital expenditure targets near-term value maximisation, including how to crystallise the significant potential that we see in the Montara fields’ associated gas resource.'

Montara Field - is a very large nat gas cap overlaying a relatively thin oil reservoir.

JSE has been in contact with Shell - Ref: To discuss a nat gas supply deal (or potential outright sale of the asset) for tie in to their Crux LNG development as it comes off plateaux production.

Montara is the nearest satellite field to Crux with nat gas reserves significantly above the minimum threshold considered to be of commercial interest to Shell.

Crux LNG Project - The final investment decision for the project was made in May 2022, with first production expected in 2027.

[1ajm] 16/8/2024 10:29

PenMal really is carrying JSE at the moment, (H1 2024 5,455 boe/d). Hopefully an update on another drilling program for it won't be too far out. Good job it provided materially above expectation.

Money into Montara and Stag currently feels desperate. Not sure the workovers there are going to financially transform the "assets" but just keep them ticking over and hoping for no issues to arise.

Positive Akatara RNS, second GSA, Thailand update, penmal update and no further problem needed and no stupid knackered FPSO acquisitions with disgusting decom liability black holes multiples of the market cap.

[1ajm] 16/8/2024 09:35

What's your case?

[fardels bear] 16/8/2024 09:30

Not included the Stag premium to Brent, have you?Of course you haven't. It doesn't suit your case.

[1ajm] 16/8/2024 09:26

Roughly...

'Montara operating costs in 2024 are currently estimated at c.US$120 million' (+$40mln FPSO mooring chain) H1 production = 4,951 bbls/d x 365 = 1,807,115 = $88.5 per barrel cost.

'Stag operating costs in 2024 are currently estimated at c.US$70 million' H1 production = 1,921 bbls/d x 365 = 701,165 = $99.8 per barrel cost.

Brent currently $80 + premiums - hedging.

Costs are estimated to drop in future years, pinch of salt.

[1ajm] 16/8/2024 09:05

another straw added to the camel's back.

They could do with paying someone to take Montara and Stag.

[nigelpm] 15/8/2024 18:26

That's quite dramatic and I'm not sure we all needed to know but each to their own I guess.