Jadestone Energy Share Discussion Threads

[nigelpm] 13/5/2025 17:35:28

Lots of pedants on here Ash - I agree with your posts and sentiment even if you weren't perfectly right in your words.

[controlledmadness] 13/5/2025 13:19:22

Just out of interest I have never seen an explanation as to why the OPEX in Australia is so high for Montara and Stag.
It does not seem to be as high for other fields in Australia.
Would enjoy an explanation.

[oilinvestoral] 13/5/2025 09:15:47

Not being pedantic just clarifying a point. It's fine to say I merged them because it makes Stagg less worse. I have no issues with that. JSE is one of my largest holdings and I begrudgingly have to conceded that the old Aussie assets are loss making at these prices. I do know that the company are working hard to reduce costs. So we will see how that works out.

[ashkv] 13/5/2025 09:10:04

Lets seek to be mature and not excessively pedantic / play gotcha / fruitless one-upmanship - humble respectful request :)

As Pughman detailed the two assets side-by-side with an underlying message that they are damaging JSE at current Brent prices I combined the two assets for a comprehensive analysis of the JSE late life assets to convey at the $60-$65 Brent range the two assets together are either marginally profitable or marginally unprofitable - not a company maker nor a breaker!!

oilinvestorAl13 May '25 - 08:08 - 23634 of 23635
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My apologies Ash. I thought Pughman stated the following: JSE 2024 opex guidance for Montara $120m, produced 5262bpd at a cost of $62.48 a barrel. Stag $70m, produced 2005bpd@$95.65 a barrel. Unless there was a post I can’t see

[winnet] 13/5/2025 08:50:42

Yes Winnet if we get paid $100/ bbl this year we will do very well . Whats the likelihood of getting 2022 prices in 2025?

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None. But as I said in my previous post. Several firms have oil at an average of over 70 this year. So I don't think the 65 dollar level is going to be an ongoing new normal.

[oilinvestoral] 13/5/2025 08:08:49

My apologies Ash. I thought Pughman stated the following: JSE 2024 opex guidance for Montara $120m, produced 5262bpd at a cost of $62.48 a barrel. Stag $70m, produced 2005bpd@$95.65 a barrel. Unless there was a post I can't see

[ashkv] 13/5/2025 06:30:36

It was in response to Pughman merging both the assets together - I responded that at $65 Brent both assets combined should be breakeven.

However, it appears given lower Opex guidance for the assets in 2025 - combined together the fields are marginally profitable at $65 Brent.

On a related note JSE in its presentations also clubs the two assets together as later life assets.

oilinvestorAl12 May '25 - 20:54 - 23630 of 23632
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Ash can I respectfully ask why you are merging the assets together?

[nigelpm] 12/5/2025 22:49:21

Can you cite the source of your data at all?

[pughman] 12/5/2025 22:39:14

Nigel, the data I used was all issued by the company in the last 15 months. Over the last 6 quarters 30% of group production has been hedged at circa $70. If I had included that, the numbers for Stag would have been really scary.

[oilinvestoral] 12/5/2025 20:54:27

Ash can I respectfully ask why you are merging the assets together? Stagg and Montara are completely separate. You have the OPEX and production for each asset . What's the individual OPEX/ bbl from each asset ? If the purpose is simply to make Stagg look slightly better, you can add CWLH and then it would look amazing …

[nigelpm] 12/5/2025 18:52:58

Good post ash - no idea where pughman took his numbers from but they looked way off.

[oilinvestoral] 12/5/2025 18:46:00

Pughman , I think your numbers are on the high side . I get $86.3 / bbl BE for Stagg after a 10% reduction in OPEX. With its 15 dollar premium, It's probably losing a few dollars per bbl. Nothing to get too worked up about. When oil gets back into the 70s it should be above break even given the premium

[fireplace22] 12/5/2025 18:42:06

Then there is this;
The nearby Shell-operated Crux gas field, which is located approximately 30 km south of the Montara Project, is being developed as long-term backfill for the Prelude floating LNG facility located offshore Western Australia. The Crux field infrastructure could represent a viable export option for the significant undeveloped gas resource within the Montara licences.

[pughman] 12/5/2025 17:16:48

Ashkv, JSE 2024 opex guidance for Montara $120m, produced 5262bpd at a cost of $62.48 a barrel. Stag $70m, produced 2005bpd@$95.65 a barrel.
The company said in Feb 2025 they expected Montara and Stag opex to decline 7% and oil production at Stag to decline 10% during the year. Roll on the next $60m infill.

[oilinvestoral] 12/5/2025 16:11:23

Got to laugh at the twerking and the attention seeking. Someone is not getting rid of that pugnacious label LOLZ.

[oilinvestoral] 12/5/2025 16:08:26

Nigel Pm # 23,388: You do talk some absolute drivel winnet.-Back on filter you go you odious troll

[nigelpm] 12/5/2025 15:18:15

Perfectly logical and sensible points winnet. There's only one person missing the point.

[oilinvestoral] 12/5/2025 14:21:54

Yes Winnet if we get paid $100/ bbl this year we will do very well . Whats the likelihood of getting 2022 prices in 2025?

[oilinvestoral] 12/5/2025 14:17:55

eh - you quoted the quarterly capex figures in your post. All I was saying is these are a one-off cost...xxxxxxxx



Again Winnet I think you are missing my point. My point is with limited FCF in Q2 owing to the lower oil price, maxed out RBL and substantial CAPEX+ corporate overheads and debt servicing, we were getting to squeaky bumb time ! Luckily management have acted quickly and addressed the liquidity crunch ! Kudos to them !


The above situation does not scream (let us pay a dividend soon) as far as I am concerned. Which is what started off this discussion.

[ashkv] 12/5/2025 14:15:47

Pughman Stag and Montara should be at breakeven given Brent around $65 as Stag oil has a significant premium to Brent and Montara oil also sells for a healthy premium to Brent.

[ashkv] 12/5/2025 14:11:29

Results of Skua 11 by End May? The below RNS doesn't give a spud date - just that the rig has arrived on site!

Fingers crossed that the Full Year 2024 results on 20 May 2025 will bring back positivity to JSE's share story.



Skua-11 Operations and Group Production Update

31 March 2025 - Singapore: Jadestone Energy plc (AIM:JSE) ("Jadestone" or the "Company"), an independent upstream production and development company focused on the Asia-Pacific region, announces that the Valaris 247 jack-up rig has arrived on location at the Montara field offshore Australia to drill the Skua-11 well side-track ("Skua-11ST").

Skua-11ST is the main activity in Jadestone's 2025 capital program. Operations will cover safe decommissioning of the existing SK-11 well, after which a side-track will be drilled higher in the Skua structure to accelerate the recovery of reserves from this field. The Skua-11ST program is expected to take c.60 days to complete, with an expected initial oil rate of c.3,500 bbls/d when brought onstream and extending the economic life of the Montara field by one year. The well is expected to cost US$62 million, with a forecast payback period of 16 months and generate a 65% internal rate of return[1].

Adel Chaouch, Executive Chairman of Jadestone, commented:

"We are looking forward to executing drilling operations at Skua-11 safely and efficiently. Bringing this well back into production will add to the positive operational momentum we have seen so far in 2025, with Group production year to date averaging c.21,000 boe/d, slightly ahead of expectations, even after cyclone related downtime in Australia early in the year. The emphasis on high uptime and stable operations is beginning to pay off, as we focus on demonstrating delivery against targets."

[winnet] 12/5/2025 14:04:21

It’s not quarterly accounting that we are talking about.

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eh - you quoted the quarterly capex figures in your post. All I was saying is these are a one-off cost...

btw, you quoted the Q2 average, but here are annual average Brent prices post-COVID. The Saudis won't have it at 65 dollars for too long, in my opinion.

- 2022: $100 per barrel
- 2023: $82 per barrel
- 2024: $80 per barrel
- 2025: $70 per barrel (current estimate from Barclays)

Of course Stag sells at a premium to Brent.

[oilinvestoral] 12/5/2025 12:55:35

Overall, I personally don't think 2025 will be bad as long as the oil price improves and Montara & Akatara have decent uptime this year. We also have the cost pools from Akatara to make use of this year. So that will ramp up the cashflow.

To balance that: The marginal barrels from Stag & Montara will be a drag with oil in the 60s. So improvement back to higher levels much needed.

[controlledmadness] 12/5/2025 12:36:19

We have to remember that they paid over 80 million for the abandonment fund last year.
There was also about 10 million for the alternative to the FSPO and charges for fixing the FSPO. There were also costs for Akatara. These are more than the cost of SKUA 11 which if all goes well will also start contributing this year.
I know the price of oil has dropped but I do not think that they will lose money this year especially with the extra money from the sale of Thailand.
I have probably missed something and would be happy for an explanation about why 2025 will be bad even accepting that 2024 final report will seem bad?