Share Name Share Symbol Market Type Share ISIN Share Description
Jadestone Energy Inc LSE:JSE London Ordinary Share CA46989Q1000 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  2.50 3.55% 73.00 3,259,480 14:00:29
Bid Price Offer Price High Price Low Price Open Price
72.00 74.00 73.00 70.50 70.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 88.94 -16.83 -7.84 337
Last Trade Time Trade Type Trade Size Trade Price Currency
17:17:15 O 106 71.996 GBX

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Date Time Title Posts
14/12/201919:21Jadestone Energy (JSE) - ex Talisman Energy Team's New Venture2,565
16/11/201923:33Jadestone Energy 201827
08/11/201808:39Still time to look at Jadestone Energy (JSE)-
23/9/200921:47JSE, A Neglected Gem46
15/9/200216:20Jo'burg prices8

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Jadestone Energy Daily Update: Jadestone Energy Inc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker JSE. The last closing price for Jadestone Energy was 70.50p.
Jadestone Energy Inc has a 4 week average price of 62p and a 12 week average price of 50.25p.
The 1 year high share price is 75.50p while the 1 year low share price is currently 33.40p.
There are currently 461,009,478 shares in issue and the average daily traded volume is 700,341 shares. The market capitalisation of Jadestone Energy Inc is £336,536,918.94.
mad foetus: On the latest presentation JSE give a sum of parts valuation of £2. Share price of £1 by year end or earlier quite possible
mr. t: Just added more JSE, as today's 10p share price rise does not reflect the value created by today's announcement.The Maari deal has a 2P NPV of $180m or about 30p per share. That's before all the improvements we know the JSE management can and will make.That 30p NPV has no upfront cost, so is as risk free as you'll get. Especially given trusted management and NZ's low risk regulatory regime.
mount teide: HBR - most investors shun the shipping sector because it experiences massive booms and busts due to the low cost of entry, greed and naivety of much of the investment cash that gets put to work in the sector during each new market cycle. The average quoted shipping company on the US stock exchange lost over 98% of its equity value during the decline/recession stage of the last market cycle. The Baltic dry index dropped an astonishing 98.2% peak to trough. Capesize Bulk carriers that were earning $240,000 a day at the 2008 market peak, earned an average of $6,000 a day for a 5 year period during the early/mid part of this decade, while having stripped to the bone operating costs of more than double that. Few if any businesses can operate for 5 years when their income is half their operating costs, before any consideration for statutory dry docks and planned maintenance. So there were some spectacular casualties of at one time $3-10 billion market cap tanker and bulk carrier companies during the early/mid part of this decade. Many took the route of Chapter 11 Protection which completely wiped out their equity holders. The secretive German KG Pension funds and the leading European shipping banks lost a combined 100 Billion Euros from their exposure to the shipping industry during this decade according to Lloyd's List. For the non shipping specialists, a large shipbroker offers a highly diversified, relatively low risk way of gaining exposure to the recovery stage of the shipping industry market cycle via the performance of hundreds of shipping companies across the various sectors; tanker, product carrier, dry bulk, containership, LNG, LPG, Offshore, Cruise, Ro-Ro, Passenger Ferry etc. Clarkson (is the Apple or Exxon of their sector), has generated circa 30 fold share-price growth since the start of the last shipping market cycle in 2000, in addition to making dividend payments totalling nearly 8 times the 2000 share price. I've held since 2000 other than for a short period during 2007-2008, adding numerous times during periods of sector weakness. AIMHO/DYOR
lauders: Thank you for the L2 updates MT and thank you for your industry insight post hiddendepths! To achieve a 40% CAGR for the first two years post the London IPO the share price will need to hit 68.6p by August 2020. I wonder how far past that share price we will really be by the beginning or even end of August next year?
mount teide: I'm finding it hard to find any reason not to invest in Jadestone Energy! By Gary Newman | 'It is hard to see why the share price of Jadestone Energy (JSE) has dropped recently as there seems to be little reason for it to have done so, and on that basis it definitely deserves closer attention. Shares in this Australian and South East Asia focussed oil and gas production and exploration company are currently trading at around 49p, but have dropped back by around 10% in the past couple of weeks and are down around 20% from their peak in July, meaning that the company is now valued at around £225 million. There hasn’t really been much in the way of significant news during that period, and if anything the financial results which it published at the end of last month were good, but yet it has continued to decline on low volume. This does make me wonder if maybe there is a seller in the background, although there haven’t been any holdings notifications to that effect. Last year the company completed the acquisition of the offshore producing Montara field for $195 million, with $120 million of that coming from a reserves based lending facility, and it has already generated enough cashflow from the asset for its balance sheet to show that the net debt generated as a result of this has already been wiped out. Official transfer of operatorship is still to happen, but the recent safety case was the final hurdle that needed to be negotiated and operatorship should transfer to Jadestone soon. In addition to Montara, the company also has production from its other Australian asset, Stag, and combined production for Q2 2019 averaged 13,315bbls/d – down 8% on Q1 but up nearly 300% on Q1 2018, and the slight drop in production for this quarter was due to work, plus the weather. Guidance for the full year remains at 13,500-14,500bbls/d, with the bulk of that coming from Montara, which produced an average of 10,700bbls/d for Q2. Revenue has also been very strong, with $171.7 million generated in H1 2019, and that resulted in free cash flow of $96.4 million, and a net profit of $30.9 million. During H1 the company managed to reduce its overall debt from $86.6 million to $73.4 million, and full year capex is expected to be in the $73-88 million range. Everything points to Australia, and Montara in particular, proving to be very profitable for Jadestone for quite a few more years to come, especially with Opex down in the $21-24 range. Anyone who has taken a detailed look at the balance sheet will have noticed a provision for nearly $300 million listed under liabilities, but this relates to the eventual decommissioning of Montara and Stag, and isn’t expected to be incurred until 2032 onwards. In addition, the company also has the Nam Du and U Minh gas and oil fields in Vietnam, where a final investment decision is expected to be taken at the back end of this year, and combined 2C contingent resources currently stand at more than 31mmboe. Longer term, further upside could come from the Tho Chu block in Vietnam, which has 2C of nearly 64 million boe, but a decision on its development isn’t likely any time soon, as the development of the other assets is a priority first. There is also potential in the Phillipines at its 25% owned SC56 block, but Total, which farmed in for 75% in 2012, didn’t drill an exploration well under the terms of the agreement, and arbitration is ongoing. Previous discoveries at this block attribute 2C of 21mmboe to it. The company could also re-enter a production sharing agreement with Pertamina in Indonesia for up to 40% of the Ogan Komering block – it previously had a 50% interest in 1,500boe/d up until the PSC expired in May 2018. Given the current market cap and everything that it has going on, as well as expansion potential in the future, I’ve found it hard to find anything about the company that I don’t like, which is rare on AIM. There are of course risks relating to commodity prices, as there are with any company in this sector, but given the opex cost per barrel and the fact that the Australian oil trades at a significant premium to Brent, I wouldn’t anticipate that being a problem, other than with a complete crash in the oil market. Currently I don’t own any shares in this company, but I’m planning on changing that very soon and believe that it is one that is being overlooked by many people – it doesn’t provide the huge share price swings that many of the AIM gamblers are looking for, but looks to offer a lot of upside potential as a longer term investment.'
mount teide: US Shale Industry - Investors and financiers stampede for the exit doors as negative cash flow quadruples across a basket of shale oil drillers compared to last year and access to capital is largely closed off for small and medium sized companies - speculative positioning from traders is now at its lowest level since March 2013 It was a rough week for the U.S. shale industry - Oil Price 'A series of earnings reports came out in recent days, and while some drillers beat expectations, there were some huge misses as well. Concho Resources, for instance, saw its share price tumble 22% when it disclosed several problems at once. Profits fell by 25% despite production increases. Concho conceded that it would slash spending and slow the pace of drilling in H2/2019. It also said that one of its projects where it tried to densely pack wells together, which it called “Dominator,221; the results were not as good as they had hoped. The project had 23 wells, but production disappointed. The “30 and 60 day production rates were consistent with our other projects in that area, but the performance has declined,” Leach said. So, the company will abandon the densely packed well strategy and move forward with wider spacing. In the second quarter the company had 26 rigs in operation, but that has since fallen to 18. At the start of the year, the company had 33 active rigs. “We made the decision to adjust our drilling and completion schedule in the second half of the year to slow down and not chase incremental production at the expense of capital discipline,” Concho’s CEO Tim Leach told analysts on an earnings call. He said the company’s aiming for “a free cash flow inflection in 2020.” The company reported a net loss of $792 million for the first six months of 2019. As Liam Denning put it in Bloomberg Opinion: “It’s sobering to think that Concho, valued at more than $23 billion in the spring of 2018 and having since absorbed the $7.6 billion purchase of RSP Permian Inc., now sports a market cap of less than $16 billion.” The reason these results are important is because they may not be one-off problems for individual companies, but are more likely indicative of the problems plaguing the whole sector. “There is little doubt this is a big event for the sector and a brake of this nature will create lasting impact,” Evercore analyst Stephen Richardson wrote in a note, referring to Concho’s poor results. “How companies still, after all the years we have wailed and gnashed our teeth, manage to over-promise and under-deliver, remains an infuriating mystery,” Paul Sankey wrote in a note for Mizuho Securities USA LLC. Whiting Petroleum had an even worse week. Its stock melted down on Thursday, falling by 38% after reporting a surprise quarterly loss that badly missed estimates. The company announced that it would cut its workforce by a third. According to the Wall Street Journal and Wood Mackenzie, a basket of 7 shale drillers posted a combined $1.58 billion in negative cash flow in the first quarter, four times worse than the same period a year earlier. While the results, in many cases, were bad, the declines in share prices were hugely amplified by the announcement of new tariffs on China, which caused a broad selloff not just in the energy sector, but for equities of all types. Here is a sampling of how the share prices of some oil companies fared on Thursday: Whiting Petroleum -38 percent Concho Resources -22 percent Pioneer Natural Resources -7.5 percent EOG Resources -5.5 percent Devon Energy -6.8 percent Continental Resources -7.8 percent Royal Dutch Shell -6.1 percent Chevron -2 percent SM Energy -9.0 percent But the poor quarterly performances were true before President Trump took to twitter. Even with oil down and stocks perhaps looking cheap, “it’s hard to call it a contrarian opportunity right now,” Matt Maley, chief market strategist at Miller Tabak, told CNBC. “This group has really been dead money most of this year.” Investors are clearly souring on the sector. As Bloomberg notes, speculative positioning from traders fell to the lowest level since March 2013, a sign of “investor apathy” towards crude oil and energy stocks. While shale E&Ps languish, the oil majors are not slowing down. Exxon said that its oil production rose by 7%, driven by the Permian. In fact, its production from the Permian rose 90% in the second quarter from a year earlier. Earnings dropped by 21%, however, and the company cited lower prices and poor downstream margins. But the majors aggressive bet on U.S. shale is a sign of the times. Small and medium drillers are getting hammered and seeing their access to capital close off, which is forcing budget cutbacks and otherwise leading to steep selloffs in their share prices. The majors, on the other hand, are only in the early stages of a multi-year bet on shale. They can stomach losses on individual shale projects for years, scaling up while they earn profits elsewhere. So, despite the widespread financial losses for the shale sector, it’s not clear that production is set to grind to a halt.'
tim000: A fellow poster on the RRE board likes to compute EV/EBITDA multiples. So I do as well. My estimates are that for 2019, the EV/EBITDA ratio for JSE is 2.1 at the current share price. By comparison, RRE is 3.1. Both are cheap, but following the rerating of RRE, JSE is much cheaper! I'm not aware of any O&G company that is as cheap as JSE at the moment - maybe GENL and GKP if you don't mind the political risk.
tim000: Brexit is going to have an enormous impact on JSE's financials - largely through the exchange rate. (It is a common point of view that £ might fall to parity against the US $, resulting in a very large uplift to JSE's profits expressed in £.) So what is the most likely outcome? First, I can't see the EU budging from its current position of refusing to renegotiate the fundamentals of the withdrawal agreement. Second, the WA is completely unacceptable to the new UK Government. So we are inevitably on a course towards a no deal, and a much more frosty trading relationship with the EU given that we have no reason to send them about £33 bn pa as TM had agreed to. The main question then arises, will parliament be able to scupper a no deal, given Boris has almost no majority whatsoever and a large number of kamikaze "Conservatives" such as Hammond threatening to bring down the Government. How will the kamikazes prevent a no deal? Two options: a no confidence vote resulting in a GE, or a vote in the House that overrides current law that the UK brexits on 31 October. Wrt the former, a no confidence vote can only be called by Corbyn, and as yet he has shown no willingness to call for such a vote, knowing that he would lose the GE. Boris has ruled out an early GE, although that might be a negotiating tactic with the EU. Wrt new legislation in the House, Jacob RM has stated that parliament would have to revoke Article 50 to prevent a no deal. I'm no expert, but I guess the speaker Bercow might allow the opposition to introduce such a bill (of course the precedent is that only Government can bring forward legislation), given he is an ultra-Remainer. Boris would then almost certainly call a GE, and agree to delay Brexit temporarily until a pro-Brexit Government with a large majority is elected. My conclusion is that a no deal is going to happen, not necessarily on 31 October, and that a GE is more likely than not. And hence that £ will fall against the $ (and most other currencies), which should result in an uplift to JSE's share price.
financethoughts: It’s plainly obvious that the share price of JSE will be choppy for the next couple of weeks, on top of the previous couple, due to the delisting of RRE. Many joint holders, many of whom have admitted to selling JSE ‘in case’ they are offered a tempting price to top up RRE, especially as many feel they missed the opportunity in RRE earlier this year. So, if RRE relists low, expect cash to stay there, if it rallies or never offers an opportunity, expect some to come back. Either way, make no mistake, JSE is potentially an RRE Mark II, and whilst it have several benefits over RRE I can see, it’s only recently net cash positive, whereas RRE has a huge cash buffer underpinning the share price I hold both, remaining bullish on both for similar reasons and also for their differences.
tim000: Cash, as I recently became a pensioner, I too look forward to a small dividend. But I think I've already stated that I'd like the company to target their growing resources on further acquisitions - which I'm sure they will. Because JSE's market capitalisation is still pretty small, another acquisition similar to Montana could really set the share price alight. MT has mentioned the price targets for the company of its main shareholders. But really there is no limit to what the share price might attain in the longer term, given the opportunities that exist in their market place - arising from a booming SE Asian economy and the disposal of non-core assets by the O&G majors in the region.
Jadestone Energy share price data is direct from the London Stock Exchange
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