Jadestone Energy Share Discussion Threads

[nigelpm] 17/9/2024 22:35

Exactly that. Back to work..

[e43] 17/9/2024 21:27

Glad '0ne shareholders happy with JSE's performance ' Nigel,but then you preferred it when the shares were suspended, back to sleep for another six months.

[nigelpm] 17/9/2024 21:18

Probably because back to the patience point investors with more capital tend to have a timeframe of longer than a few hours.

[e43] 17/9/2024 20:22

Remains a mystery why major shareholders especially Tyrus Capital have been so lenient on PB.Smacks of too much cronyism in BOD's.

[sea7] 17/9/2024 12:34

I am not concerned about akatara at this time - it is worthwhile highlighting this from the accounts today..

"Whilst the site currently remains formally under the control of the EPCI contractor, a detailed Operational Readiness program has been undertaken by the Company to ensure that when the performance test is completed, and the facility is formally handed over, Jadestone Energy is ready to safely operate the facility."

Akatara is still undergoing testing - it isn't in Jadestones full control yet.

[1ajm] 17/9/2024 11:00

Very rare, if ever, for JSE share price to rise on results day, even back when results and sentiment were good and the share price was generally rising.

Not good H1 as expected, given oil prices and Akatara revenue delays probably a rough H2 also. Moving in the right direction from 2023 at least.


"After the H1 2024 reporting period, the Group generated US$53.0 million in revenues from three liftings of 0.59 mmbbls in July from Montara, Stag and PenMal"

"Net debt of US$69.1 million at 30 June 2024 reflects c.US$130.9 million of consolidated Group cash balances and US$200.0 million of debt drawn under the Group's reserves-based lending ("RBL") facility. As at 31 August 2024, net debt was US$94.6 million, based on consolidated Group cash balances of US$105.4 million and US$200.0 million of debt drawn under the RBL facility."

Where is the COO?

Will 2025 be the turn around? who knows,
-Australia will continue to be an ongoing concern across the board, with an outlook of cost control and being properly maintained.
-Malaysia, Indonesia and Vietnam on the other hand have great opportunity,
-Malaysia PM323 being a fantastic result and "The Group is progressing plans for further infill drilling on the East Belumut field, in particular focusing on the undrained southwestern area of the field discovered during the 2023 campaign."
-Indonesia, of course Akatara coming online and paying back the years of heavy investment with revenue and large margins.
- Vietnam, obviously further out then 2025 and would need funding but opportunity at least.


IMO DYOR this is not advice.

[ashkv] 17/9/2024 10:45

An exact 20,500 boe/d average production required from Sep to Dec to meet 2024 low guidance / I updated from prior revised down Mid-Guidance.



JSE Share Price -> 28.00p
Brent Current Price -> $72.50
JSE Current Share Price vs 52 Week low of 23p on 9 Feb 24 -> 21.74%
JSE Current Share Price vs 52 Week High of 39p on 5 Dec 23 -> 39.29%
Shares Outstanding -> 540,817,144
GBPUSD -> 1.3200
JSE 2024 Production Mid-Guidance Revised Down July 24 (18,500-20,000 Boe/d) -> 19,250
JSE YTD Average Production To End August -> 17,500
JSE Sep to Dec 2024 Min Production To Meet 2024 LOW Guidance Taking Into Account YTD Avg Prod Till End August 24-> 20,500
JSE Production Average for 2023 (Montara Curtailed for a period) -> 13,800
JSE Production Average for 2022 (Montara Curtailed for a period) -> 11,487
Debt (USD) (USD 200 Million Reserves Based Lending (RBL) Draw) -> NA
Cash (USD) -> NA
Net Debt (USD) 31 Aug 24 -> $94,600,000
Available Credit (Remaining USD 200Million RBL Available + USD 35Million Standby Facility) -> $140,400,000
Market Cap (GBP) -> £151,428,800
Market Cap (USD) -> $199,886,016
ENTERPRISE VALUE (EV) (Market Cap + Debt - Cash) (USD) -> $294,486,016
EV/Barrel(USD) 2024 Mid Guidance Production 21,000 Boe/d -> $15,298
EV/Barrel(USD) YTD Average Production To End August -> $16,828
EV/Barrel(USD) Projected Sep to Dec Average Production To Meet 2024 Low-Guidance-> $14,365
JSE Decommissioning Expense Provision i.e. Asset Restoration Liability per HY 2024 Results -> $682,915,000
EV/Barrel (USD) JSE 2024 YE Exit Boe/d 23,000 Boe/d Production (Q1 Avg + Akatara 6k boe/d H2 24) [Added Decommissioning Provisions Per FY 2023 Results to EV] -> $42,496
2P Reserves (Boe) as of 31 December 2023 -> 68,000,000
2P Reserves (Boe) YE 23 + 6.8 mmBoe Second CWLH Acquisition H1 2024 -> 74,800,000
EV/2P -> $3.94
EV(Including Decommissioning Costs)/2P -> $13.07

[mount teide] 17/9/2024 10:41

The £200m of losses over the last 2 years have been the direct result of the complete mismanagement and poor communication of the FPSO Montara Venture's Class inspection, planned maintenance and repair/remediation issues.

To be paying $1m a month ($32k/d) to charter an LR1 shuttle tanker during the last two years is yet further evidence as to how ill equipped the Executive management are to successfully handle operations outside their core area of O&G sector expertise.

If only they had taken the advice offered 4 years ago to secure a sale and long term leaseback of Montara Venture to a shipping sector FPSO specialist like BW Offshore.

When I asked the CEO and FD in 2020 how long they expected to retain the IMO 2020 Stag premium(which had increased from an $8/bbl discount to Brent to a $10-$15/bbl premium), they said their research suggested 6 months. I suggested they talk to some shipping industry professionals, as we expect it to be for a minimum of 10 years through to IMO 2030, and probably long beyond that date.

Frustratingly, after being invested here for 6 years and at one point in time being over 300% up prior to the FPSO debacle, the investment is now 30% underwater.

Management hubris has clearly played a leading role in the still ongoing debacle that is 'Montara Venture' over the past two years - its time the Board, and in particular Paul Blakeley accepted this and demonstrated some accountability to shareholders who have seen a large 8 figure sum transfer from their funds into his bank account over the last 6 years in return for a totally unacceptable level of performance.

AIMHO/DYOR

[pughman] 17/9/2024 09:00

Montara savings of $1m per month on shuttle tanker, which on 6000bpd, is $5 a barrel. Malaysia is where the focus should be, the SW feature on PM323 contains 15 million barrels and will need a number of wells to drain the structure. Group production today circa 20,000, without Akatara. The market is unconvinced with a lower oil price Blakeley can make a return for shareholders.

[kaos3] 17/9/2024 08:37

at some point bad luck ends and incompetence kicks in .... very close, but not there yet ... 1H 2025 results will be the decision time for me

[yasx] 17/9/2024 08:36

Am on the conference call - PB seems very uncertain, garbled and lacking iron-clad confidence in future outlook.

[yasx] 17/9/2024 08:30

Stemis

Precisely.

[fardels bear] 17/9/2024 08:30

If you don't like it, why stay here?

[stemis] 17/9/2024 08:23

It's okay to talk about production numbers, reserves etc but the problem here is JSE's apparent inability to make any money from it's assets. Balance sheet is now down to £9.6m, having made losses of over £200m in the last 2 years.

[11_percent] 17/9/2024 08:01

Is Akatara going to bring them into profit in H2.

[fardels bear] 17/9/2024 07:57

Won't be in H2 though, will it. We've come through the bad times. Things are gonna get better.

[trawl] 17/9/2024 07:56

The mkt price for gas is less than half the contract price
So price they are receiving for aktara seems pretty good

[11_percent] 17/9/2024 07:53

# Net loss after tax in H1 2024 of US$31.1 million (H1 2023: US$59.9 million net loss);


Still a loss.

[celeritas] 17/9/2024 07:34

Why are some moaning about Akatara, it's a brand new facility of which you always get teething issues. I'm sure these will be ironed out in the coming months with JSE bearing no cost...

[yasx] 17/9/2024 07:29

Yet again, an underwhelming set of results. PB always manages to find problems after promising solutions. It needs a more capable hand to steer this ship from troubled waters.

[celeritas] 17/9/2024 07:27

Akatara won't feature until full year results.

[croasdalelfc] 17/9/2024 07:26

Or with a glass half full - the gas realised price is 16% higher than the equivalent period in 2023 - fact

[croasdalelfc] 17/9/2024 07:23

$18.2m less in decomm contributions compared to the original forecast $102m - that's a nice win