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JSE Jadestone Energy Plc

26.20
0.95 (3.76%)
05 Dec 2024 - Closed
Delayed by 15 minutes
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
  0.95 3.76% 26.20 26.00 27.00 27.25 24.90 25.00 2,448,381 16:35:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 323.28M -91.27M -0.1688 -1.57 136.56M
Jadestone Energy Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker JSE. The last closing price for Jadestone Energy was 25.25p. Over the last year, Jadestone Energy shares have traded in a share price range of 23.00p to 39.00p.

Jadestone Energy currently has 540,817,144 shares in issue. The market capitalisation of Jadestone Energy is £136.56 million. Jadestone Energy has a price to earnings ratio (PE ratio) of -1.57.

Jadestone Energy Share Discussion Threads

Showing 22501 to 22523 of 22975 messages
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DateSubjectAuthorDiscuss
20/9/2024
09:37
MT
The FPSO has indeed been identified and they had to remove a picture of it from the presentation as the sale and leaseback company did not want people to know what vessel it was and that they had a future interest in it. IIRC it is in for maintenance just now then will be a year in the Middle East with BP (I think that's the client) before JSE get it.

pogue
20/9/2024
09:20
Many thanks KS and Pogue for attending the presentation and providing us with some very useful feedback of your discussions.

With regard to development of the existing assets and future M&A activity, I believe Malaysia now holds the greatest low cost growth potential - so, it was highly encouraging to hear Jadestone has identified an FPSO to facilitate development of what has the potential to become the biggest jewel in Jadestone's asset register - the SFA Cluster.

In this connection, I'm sure most shareholders will be pleased to hear a chastened management has learnt from their and our appalling and hugely expensive experience of owning and operating Montara Venture, ie; that FPSO Class Inspection, Planned Maintenance and Remediation work is best outsourced to shipping companies that specialise in owning and operating these highly sophisticated ships, which carry the additional responsibility of carrying out in-water surveys for up to 25 years IN LIEU of the mandatory two dry dockings every 5 years required for ALL other types of commercial shipping.

SFA Cluster PSC

'In July 2024, through the Malaysia Bid Round Plus, Jadestone was awarded a 100% participating interest in a Small Field Asset Production Sharing Contract (the “SFA Cluster PSC”) offshore Peninsular Malaysia by Petroliam Nasional Berhad (“PETRONASR21;), through Malaysia Petroleum Management.


The SFA Cluster PSC is located in shallow waters offshore Peninsular Malaysia. It is surrounded by the PM428 PSC, in which a 60% operated interest was awarded to Jadestone earlier in 2024 through the MBR 2023.

The SFA Cluster PSC includes the Penara, Puteri, Padang and North Lukut fields, assets in which Jadestone previously held a 50% non-operated interest (through the PM318 PSC and the Abu, Abu Kecil, Bubu, North Lukut and Penara PSC) following the Company’s entry into Malaysia in August 2021. The SFA Cluster PSC fields were producing at a gross rate of 5,000 boe/d in early 2022 prior to production shut-in.

Jadestone currently estimates that the SFA Cluster PSC contains c.15 mmbbls of gross 2C contingent resources. Leveraging the experience gained through the very successful 2023 infill drilling campaign on the PM323 licence, Jadestone believes there is the potential for significant upside from future infill drilling across the existing SFA Cluster fields as well as prospects and leads on the surrounding PM428 PSC. The Company intends to continue its technical assessment of the SFA Cluster prior to submission of a field development and abandonment plan to PETRONAS.

PM428 PSC

As part of the Malaysia Bid Round 2023, Jadestone was awarded the PM428 PSC as operator with a 60% interest, with the joint venture partner being Petronas Carigali.

The PM428 PSC represents potential upside in the event that Jadestone is successful in its application for the Puteri Cluster (see left), since it not only surrounds the Puteri Cluster, but is also in close proximity to the Jadestone operated PM323 and PM329 PSCs.

The PM428 award carries a minimal financial commitment to reprocess some existing seismic. '

mount teide
20/9/2024
09:19
Its teething issues nothing major it will get fixed soon enough only there is more that you would expect and from things you wouldnt expect that is why delay. Not everything goes right during commissioning.
pogue
20/9/2024
08:53
KS and Pogue, thanks for the informative posts. Akatara sounds like it is having more than teething issues.
pughman
20/9/2024
08:53
KS/Pogue,


Comments noted and appreciated.

It seems they are not learning any lessons fron the disasters of the past couple of years - this is not the way to run a sustainable operation.

I really think removing PB and replacing him with someone more competent is key to any recovery here. I very much doubt PB can achieve this. Some of the issues raised by Pogue give rise to serious concern.

yasx
20/9/2024
08:17
Yes thanks pogue, also appreciated!
dunderheed
20/9/2024
08:00
Very good, thanks pogue!
king suarez
20/9/2024
07:56
KS well done on the write up covers 99% of what I would say. I will add some more bits to flesh out things as I did a bit more chatting to Phil Corbett from IR who gave some other insights. By the way management are very happy to talk to anyone and Paul and Phil claim they reply to every email. If you want Phil’s email message me he was giving out his card freely last night.

Akatara
As KS says there is another buyer for the gas and that is upto the limit allowed by the government however more gas can be produced by debottlenecking, bypassing choke points in production using other equipment they already have or can buy, they would assess the cost benefit of this later when production has settled down plus they would need government permission to sell more than their current allowance so increased sales is possible in the future not near term I would suggest as the second buyer is not getting his gas till end of next year.
KS said there is a dry run tonight but that is of the Siemens motors other bits don’t work such as the compressor as well so that is not as life changing as it seems.
As KS alluded to design of O&G plants is my speciality, it’s the day job. The screw up at Aaktara is due to doing the job cheaply. The skids were built in China and the whole project was fixed price with local EPC. If you are in the business you will know why there are issues now. If not here is it broken down. The plant was built using skid mounted equipment which is fine if the people that build the skids are competent and honest. A skid is a piece of plant that comes pre built eg a compressor package which has the compressor and all the ancillary equipment it needs to operate so it comes as plug and play effectively. These we built in China which is world famous for shoddy workmanship in O&G and in my experience forging certificates so what you see is not necessarily upto the standard you need or ordered. This was a double problem as the EPC, company doing the overall design and build, were given a fixed price contract, ie they had to bid a price at the beginning they thought they could build the plant for. Most companies nowadays don’t ask for fixed price as it is very difficult to manage the EPC and get an operating plant at the end. If the EPC has made an error in its pricing which considering inflation recently in materials is very likely they also can get the design slightly wrong as all they are doing early on is guesstimating for a bid so the real design usually brings out things that need changed it means the EPC has to recover the costs somehow. 2 ways to do this get the client to pay on a change order or get equipment from the cheapest vendor eg China. So we have lots of Chinese built equipment on site, even the Siemens motors I suggest were Chinese built. How these skids passed a Factory Acceptance Test (FAT) where the equipment is supposed to be tested to the specification is beyond me as they are not working when hookedup on site. Anyway if you want to worry think about what else might go wrong later. They are going to have to manage preventative maintenance very tightly.

Misc
Fireplace asked yesterday about them selling the company. Yes they are for sale at the right price however from the look Paul gave the right price is a long way from where we are so not going to happen soon. They are looking at ways to increase the share price but seem lost for ideas. Phil seemed to think the market will turn soon as 2 of the insitis that hold JSE Shares were indicating to him that they see the drop in US interest rates as stimualtingthe small cap market there and should come across the pond. Only an opinion there but we live in hope. Moving to another index I suggested and KS described the reply very well my impression is there isn’t one that they could go to that is any better than AIM just now and from what I heard from Phill he seems to think that too, even if there was one that would not upset current holders that couldnt handle the move due to restrictions. It would be a dual listing by the way.
FPSO for Malaysia will be sale and leaseback to another company that will keep Mount Teide happy lol. They plan to buy the FPSO and sign the leaseback agreement same day so there is no issues.

pogue
20/9/2024
07:43
Thanks KS, appreciated.
dunderheed
20/9/2024
07:41
Thanks KS - the business appears now to have stabilisd with a concerted effort by management to repair the recent damage over time. My thoughts are that the share price may well now be around the low, so on that basis I have added a few more today.
puzzler2
20/9/2024
07:08
Thanks KS for your summary - very helpful
sea7
20/9/2024
06:12
KS - thanks for the updateIt's always worth remembering that Akatara is now the largest portion of 2P reserves for the whole group at 25.8m 2P.The gas has grown from 55BCF to 81BCF and the liquids from 8m to 12.3m.The liquids alone make this very cashflow generative and worth about £500m when produced and sold
croasdalelfc
19/9/2024
22:38
I'd prefer if everything material was released via RNS but then I'm an old fashioned so and so.
nigelpm
19/9/2024
22:30
This is why it is good to go to these things first hand as you never know what might be revealed in the informal chats.

The point greatly emphasised about Akatara is that all of the cost recovery happens in the first 2-3 years, so the cash flow is very strong. Not only what JSE spent on development, but also I think he said around a further c$120m spend by the previous operator(?) so all in all $250-300m is cost recoverable whilst JSE earn their 90% - then it moves to 45% JSE share once all costs recovered.

They can produce far above the contracted rate, but they are only 'allowed' by the government to produce at a certain rate based on the formal reserve size - so currently they can do another 3mmcf - which they have negotiated with another taker at a slight premium to the rest - this will kick in at some point next year I think he said. After that they could raise it again, with a reserve upgrade, or alternatively extend the life of the contracts instead.

king suarez
19/9/2024
22:25
Thanks KS for your feedback.
chessman2
19/9/2024
22:23
Thanks King S - some of that is quite material in my view - should really RNS that!
nigelpm
19/9/2024
20:21
Significant shareholders list updated from 31st july to 31st august

only changes are

hargreaves down to 3.98% from 4.13%
invesco up to 3.82% from 3.63%

sea7
19/9/2024
13:45
What a good time to be taken out by Tyrus or MBO or hybrid (for them, anyway). Very disillusioned shareholder base, Akatara yet to be seen to have any positive effect, potential for significant oil price hike at year end, share price on it's uppers?
fireplace22
19/9/2024
13:17
Hi Pogue - they made a reference in an earlier presentation about talking with a second customer for taking additional gas at Akatara. Do they see that as still possible / straightforward without lots of capex etc(e.g. do they have enough gas volume)and are the discussions still ongoing? Can you also let us know if they give any hint or indication about how far off they think Akatara is from Full DCQ? Appreciate they cant be definitive and cant give sensitive information out but can you let us know if the give any indication e.g. they are expecting it to be a few weeks or is it months? Cheers
paduardo
19/9/2024
10:27
KS - Lol

Reminds me of an old Sea Captain addressing a new group of officers and crew who had just joined his ship:

"There are only two rules you need to concern yourselves with on this ship.

Rule 1 - The Captain is always right.

Rule 2 - On the very rare occasion when the Captain is not right, Rule 1 applies!"

mount teide
19/9/2024
08:52
1) What the eff are you going to do to turn around the share price?!

2) See 1

king suarez
19/9/2024
08:33
I am going to the Proactive presentation tonight where JSE are presenting any questions anyone wants asked. I usually do this after the presentation when face to face.
pogue
19/9/2024
07:13
I would also add, regarding Tyrus, that everyone thinks these investment houses would automatically know how to run the businesses they invest in, better than the industry experts who currently run them, and that they have a reserve of super-execs waiting in the wings to take over the management. They do not. It's a fallacy.
winnet
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