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Jadestone Energy Plc LSE:JSE London Ordinary Share GB00BLR71299 ORD GBP0.001
  Price Change % Change Share Price Shares Traded Last Trade
  -0.10 -0.14% 70.50 460,101 08:00:24
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Oil & Gas Producers 159.40 -41.86 -9.51 328
Last Trade Time Trade Type Trade Size Trade Price Currency
16:13:15 O 1,400 71.00 GBX

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29/9/202216:23Jadestone Energy (JSE) - ex Talisman Energy Team's New Venture11,160
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Posted at 29/9/2022 09:20 by Jadestone Energy Daily Update
Jadestone Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker JSE. The last closing price for Jadestone Energy was 70.60p.
Jadestone Energy Plc has a 4 week average price of 66.40p and a 12 week average price of 66.40p.
The 1 year high share price is 110.25p while the 1 year low share price is currently 66.40p.
There are currently 465,191,590 shares in issue and the average daily traded volume is 3,217,989 shares. The market capitalisation of Jadestone Energy Plc is £327,960,070.95.
Posted at 20/9/2022 12:42 by thommie
I have listened to the call as well. And ofc, I am as frustrated as everyone else here (including Paul Blakeley) that these corrosion problems did happen. And ofc I can understand the blames to management because of that general frustration. But tbh operating ageing fields and fpso's are more likely to bring those sorts of problems with them. So we all know of the risk that comes with it and still invested. On the other hand major spills and other problems can happen on new fpsos and new fields as well, so there is always that little probability that sth. might go wrong. So it would be better to judge over the management about how they react to those problems and solve them as you cant completely impede them of happening. We have talked so many times throughout the last 4 years on this BB about the high quality management of JSE and our believe in them to get things done properly. And i dont see that quality any different after the corossion problems on the Montara fpso happened. It's still the same people we admired before. So calm down a little bit and stay objective. All that listened the call today know that the inspection program of tanks that they have carried out before didnt show any signs that could have led them to changing their inspection program. Paul also stated that they just reinspected a tank (I dont remember the number) they did inspect some years ago and didnt find any change to the good conditions they encountered in the first inspection. Meaning everyone of us would have thought, that the condition of the other tanks were similar. So I just dont see a major mistake. And we have to remember one bad thing about this fpso which I realised in the call. The whole problem could have been that the accomodation space for workers is small and very limited compared to other fpso's. Why? Because if you remember right we had COVID for the last 2 years, which meant 2 things: Capex was reduced to minimal lvls to withstand the storm. And manning power of the fpsos was reduced even further to limit a possible COVID infection round on the fpso. All that surely must have led to defered inspections, etc. So if that didnt happen JSe might have inspected those tanks many months before (you have to know, that they were planning to inspect tank 2c (where the minor oil spill in June happened in July/August). And ofc they would have found the leak and repaired it. The cofferdam is in place since yesterday and the work for final repair can start now. The leak at tanks 5c/4s just to clarify was between those tanks, not in both tanks down to the sea. Thats why they were able to fix this hole already and dont need a cofferdam to fix the hole without risking another spill if sth. goes wrong(you can see the before/after picture in the presentation on page 11). Btw it's super interesting to see these tanks, never saw it before... So atm they are working with 3 crews to do the work on 3 tanks simultaneously, but that doesnt allow to have production crews on board due to the limited accomodation space. They plan to get ahead of the inspection planned and to also carryout work that was planned during a shutdown of the fpsos at end 22/early 23. If those tanks are repaired it's all they would need to reinstate production, they also would have the possibility to do smaller cargoes (instead of the usual 450k bbls cargo, do half sizes). They could then still go on inspecting the tanks they havent visited during the shutdown. Jse is in a good position with a decent cash buffer to withstand this problems. I'm sure about it. Sometimes I get frustrated that I didnt sell my shares at 110p in the summer. But then I realize, that even this low share price atm doesnt change anything for me, as I wouldnt have sold any shares anyway. so till montara is back up again the share price will be muted, but it will regain the losses soon after. And who knows what M&A we will be faced with next. In opposition to many of you I am very positive about the statement made about maari. I dont see why it is bad that the regulator wants to negotiate different terms into the contract between OMV and JSE. All of you are afraid that they wanna change the effective date. But why should they do that? that would be an own goal. The main concern for the new zealand government regarding this transaction was always that seeing a big player of oil and gas (OMV) with a big pocket of money leaving the liabilities and future decomissioning costs into the hand of a small player like JSE after experiencing the bancruptcy in a similar transaction of the buyer, that lead the problem that the government was faced with high decomissioning costs of the Tui field (if I remember it right?). So they want to make sure that this doesnt happen again. So the big cheque JSE has aquired since the economic effectife date of 1st January 2019 will only help to reduce the risk that this happends again. That's why I dont see why you think that the regulators wanna change anything into a smaller amount of money due to JSE. But obviously they are not interested that hit sbig amount of money flows to other operations of JSE where things could go wrong and lead to bancruptcy of JSE which would mean a rerepetition of the Tui debacle. So I'm more or less sure that they try to implement sth. like JSE has to do with the Northwest shelf aquisition in australia that recently got announced where they have to save the complete expected future decomissioning costs for their share of the field into a bank account where the money cant be touched again. I dont know how big the surplus after paying the transaction price for maari is atm. But I remember a number of around 50m at the end of 2021 due to JSE on the completion of the transaction. With high oil prices during 2022 it will have gotten even bigger! So not knowing the exact decomissioning costs of maari in the future, I would guess, that if JSE agrees on putting let's say 75-100m into such an account for future decomissioning (which wouldnt cost them any cash they hold in hand) the regulator would give green light to the transaction. I see this as the only way to go forward, as OMV wont agree on different terms that will make them responsible for decomissioning costs in the future if JSE wouldnt be able to pay for them. The malaysian assets already had such a fund for decomissioning costs, where the JV had to pay a specific amount on a regular basis, which led the the case that when JSe took over the assets from OMV around 80% of all future decomissioning costs were already paid for... And though we all are afraid, that the recent montara problems could lead to the impression in new zealand and elsewhere, that JSE is the reason for the problems ofc it isnt. But JSE with their approach to shut in production (which they werent forced to) on their own to do the things right instead of fast actions that may not be that reliable in my view shows them that they are capable of managing these sort of problems - and that's all it is about. It's not like the majors do have less problems or spills, etc. But it's about the trust in a company to be capable of dealing with this problems in a proper way. And in my view JSE is showing that they are capable of doing it atm. I dont see any problems for the aquisition of the NW Shelf assets, as this is non operated. But as stated JSE tries to get more WI on that specific asset, which means such a transaction will only be approved by the NOPSEMA if JSE acts in a capable way at Montara now.
Posted at 20/9/2022 11:31 by ashkv
Brent: $92.50 Brent Current Price Performance vs 18 Aug 2021 low of $65.33 (GBPUSD 1.36): 41.59% SP: 70 JSE Current Share Price vs 52 Week low of 70p on 13 Sep 2022: 0.00% JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -36.36% Shares Outstanding: 463,480,770 GBPUSD: 1.145 Production Guidance 2022 (11000-13000): 12,000 Estimated Current Production Excluding Montara (Comprising Production from Stag, NW Shelf And Malaysian Assets): 9,577 Production with NW Shelf 14,077 Production with Maari (4,500-4,700bpd):16,600 Production May 2022 (Average):17,000 Debt: Zero Debt Cash (USD) Proforma Figures 30 June 2022: $161,100,000 Market Cap (GBP); £324,436,539 Market Cap (USD): $371,479,837 Cash % of Market Cap: 43.37% Share Price Cash Component: 30.36p ENTERPRISE VALUE (USD): $210,379,837 EV/Barrel(USD) Low-Guidance 2022: $17,532 EV/Barrel(USD) Estimated H2 Production Excluding Montara:$21,967 EV/Barrel(USD) with NW Shelf 2022 [2,077 bbls/d net]:$14,945 EV/Barrel(USD) with Maari Production: $12,673 EV/Barrel(USD) May 2022 Average Production: $12,375 Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000 EV/Barrel(USD) LG + Decommisioning Expense Including NW Shelf: $43,644 Dividend / Tenders / Buy Back for 2022: $100,000,000 Net Payout Yield (NPY = Div + Buybacks + Tender) : 26.92%
Posted at 13/9/2022 16:38 by ashkv
I should have sold immediately post the news about the regulator and saved myself 20% However, I believe JSE is now fairly price to oversold - even assuming it takes 3 months... I would be investing in a firm with JSE outlook / balance sheet etc at current 52 Week Low levels... With GBPUSD falling today - 43% of Market Cap at 70p is cash.. Brokers have hardly moved down their target prices... in all likely hood a delay to production rather than a permanent curtailment.. Brent: $92.50 Brent Current Price Performance vs (18 Aug 21) 52 Week Low of $65.33 (GBPUSD 1.36): 41.59% SP: 70 JSE Current Share Price vs 52 Week low of 70p on 13 Sep 2022: 0.00% JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -36.36% Shares Outstanding: 463,480,770 GBPUSD: 1.15 Production Guidance 2022 (11000-13000): 12,000 Production with NW Shelf 14,077 Production with Maari (4,500-4,700bpd): 16,600 Production May 2022 (Average): 17,000 Debt: Zero Debt Cash (USD) Proforma Figures 30 June 2022: $161,100,000 Market Cap (GBP); £324,436,539 Market Cap (USD): $373,102,020 Cash % of Market Cap: 43.18% Share Price Cash Component: 30.22p ENTERPRISE VALUE (USD): $212,002,020 EV/Barrel(USD) Low-Guidance 2022: $17,667 EV/Barrel(USD) with NW Shelf 2022 [2,077 bbls/d net]: $15,060 EV/Barrel(USD) with Maari Production: $12,771 EV/Barrel(USD) May 2022 Average Production: $12,471 Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000 EV/Barrel(USD) LG + Decommisioning Expense Including NW Shelf: $43,759 Dividend / Tenders / Buy Back for 2022: $100,000,000 Net Payout Yield (NPY = Div + Buybacks + Tender) : 26.80%
Posted at 13/9/2022 09:53 by ashkv
New 52 week low for JSE at 72p - with cash value of share price comprising 41.26% of share price or 29.71p Their is risk but if management are able to sort out and update regulators could see 50% return in short order - whereas risk to downside has to better given that sans cash JSE has other assets separate from Montara... Brent: $94.25 Brent Current Price Performance vs (18 Aug 21) 52 Week Low of $65.33 (GBPUSD 1.36): 44.27% SP: 72p JSE Current Share Price vs 52 Week low of 75p on 14 Sep 2021: -4.00% JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -34.55% Shares Outstanding: 463,480,770 GBPUSD: 1.17 Production Guidance 2022 (11000-13000): 12,000 Production with NW Shelf 14,077 Production with Maari (4,500-4,700bpd): 16,600 Production May 2022 (Average): 17,000 Debt: Zero Debt Cash (USD) Proforma Figures 30 June 2022: $161,100,000 Market Cap (GBP); £333,706,154 Market Cap (USD): $390,436,201 Cash % of Market Cap: 41.26% Share Price Cash Component: 29.71p ENTERPRISE VALUE (USD): $229,336,201 EV/Barrel(USD) Low-Guidance 2022: $19,111 EV/Barrel(USD) with NW Shelf 2022 [2,077 bbls/d net]: $16,292 EV/Barrel(USD) with Maari Production: $13,815 EV/Barrel(USD) May 2022 Average Production: $13,490 Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000 EV/Barrel(USD) LG + Decommisioning Expense Including NW Shelf: $44,991 Dividend / Tenders / Buy Back for 2022: $100,000,000 Net Payout Yield (NPY = Div + Buybacks + Tender) : 25.61%
Posted at 12/9/2022 15:31 by ashkv
Not like IOG - 30p NET cash, Zero Debt and likely more cash come results next week. Dirt cheap share price - no water / reservoir issues - minor FPSO issue regarding storage tank leak though with regulator now involved an added unwelcome layer of uncertainty.... Brent: $94.50 Brent Current Price Performance vs (18 Aug 21) 52 Week Low of $65.33 (GBPUSD 1.36): 44.65% JSE SP: 77p JSE Current Share Price vs 52 Week low of 75p on 14 Sep 2021: 2.67% JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -30.00% Shares Outstanding: 463,480,770 GBPUSD: 1.17 Production Guidance 2022 (11000-13000): 12,000 Production with NW Shelf 14,077 Production with Maari (4,500-4,700bpd): 16,600 Production May 2022 (Average): 17,000 Debt: Zero Debt Cash (USD) Proforma Figures 30 June 2022: $161,100,000 Market Cap (GBP); £356,880,193 Market Cap (USD): $417,549,826 Cash % of Market Cap: 38.58% Share Price Cash Component: 29.71p ENTERPRISE VALUE (USD): $256,449,826 EV/Barrel(USD) Low-Guidance 2022: $21,371 EV/Barrel(USD) with NW Shelf 2022 [2,077 bbls/d net]: $18,218 EV/Barrel(USD) with Maari Production: $15,449 EV/Barrel(USD) May 2022 Average Production: $15,085 Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000 EV/Barrel(USD) LG + Decommisioning Expense Including NW Shelf: $46,917 Dividend / Tenders / Buy Back for 2022: $100,000,000 Net Payout Yield (NPY = Div + Buybacks + Tender) : 23.95%
Posted at 12/9/2022 13:53 by ashkv
mikeh30 JSE is dirt cheap on an Enterprise Value / Barrel basis as it is strongly net cash with zero debt... Also the oil it produces is sold at a premium... share price is trading at a discount / approaching 52 Week lows due the bottom of the barrel management who have messed up simple tank fix at Montara FPSO... overpaid / overrated clowns that they are sadly proving to be... One of the managements I had confidence in... but that is now shattered with the repeated negative RNS / revisions to guidance... infuriating... Brent: $94.50 Brent Current Price Performance vs 18 Aug 21 low of $65.33 (GBPUSD 1.36): 44.65% JSE Share Price: 80p JSE Current Share Price vs 52 Week low of 75p on 14 Sep 2021: 6.67% JSE Current Share Price vs 52 Week High of 110p on 9 June 2022: -27.27% Shares Outstanding: 463,480,770 GBPUSD: 1.17 Production Guidance 2022 (11000-13000): 12,000 Production with NW Shelf: 14,077 Production with Maari (4,500-4,700bpd): 16,600 Production May 2022 (Average): 17,000 Debt: Zero Debt Cash (USD) Proforma Figures 30 June 2022: $161,100,000 Market Cap (GBP); £370,784,616 Market Cap (USD): $433,818,001 Cash % of Market Cap: 37.14% ENTERPRISE VALUE (USD): $272,718,001 EV/Barrel(USD) Low-Guidance 2022: $22,727 EV/Barrel(USD) with NW Shelf 2022 [2,077 bbls/d net]: $19,373 EV/Barrel(USD) with Maari Production: $16,429 EV/Barrel(USD) May 2022 Average Production: $16,042 Decommissioning Expense (Asset Restoration - FY 2021 Results): $404,000,000 EV/Barrel(USD) LG + Decommisioning Expense Including NW Shelf: $48,073 Dividend / Tenders / Buy Back for 2022: $100,000,000 Net Payout Yield (NPY = Div + Buybacks + Tender): 23.05%
Posted at 21/8/2022 00:52 by mount teide
Oil demand accelerates as Europe's gas crisis drives switch - IEA Europe’s Gas Price Is Now Equivalent To $410 Per Barrel Of Oil - Oilprice.com today Heatwaves this summer and expected natural gas shortages this winter are driving gas prices higher and higher. Europe's benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks, as gas demand for power generation is high amid heatwaves and Russian pipeline supply remains at low levels, while the EU scrambles to fill gas storage ahead of the winter that would see energy and gas rationing, industries shutting down production, and households paying sky-high prices for heating and electricity. Europe is in the most precarious position, but natural gas prices are rallying in the United States and Asia, too. Gas demand for power is high, and production is flat in America, while major Asian buyers are back on the LNG market to secure supplies for the winter. As LNG is now a global commodity, benchmark gas and spot LNG prices are soaring all over the world. And they could jump even higher when the heating season approaches. Europe's Gas Price Is Now Equivalent To $410 A Barrel Oil Europe's benchmark gas prices at the Dutch TTF hub rallied 14% between Monday and Wednesday, jumping by 6% on Wednesday at a new record of $240 (236 euro) per megawatt-hour. Gas prices have already doubled since June, when Russia first reduced supply via Nord Stream, the key pipeline carrying gas to Europe's biggest economy, Germany. The European gas benchmark now trades at what would be an equivalent of $410 per barrel of crude oil, which highlights "the debilitating economic impact on the region," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said this week. Such record gas prices are hitting industries in Germany and the rest of Europe, with companies announcing production halts or curtailments "until further notice" amid soaring energy costs. Industries have warned that reduced production and operations could lead to a collapse of supply and production chains. Governments are scrambling to secure enough gas for the winter while walking a tight rope between alleviating the cost burdens on households and avoiding an industrial collapse and a wave of bankrupt energy companies. As a result of the gas crunch and a heatwave constraining supply and output from other fuel sources, year-ahead electricity prices continue to soar in Europe, with German power prices, the European benchmark, jumping to over $508 (500 euro) per megawatt-hour on Tuesday—a new record. Despite faster storage builds than usual, Germany will only have enough natural gas to cover two and a half months of consumption this winter if Russia completely suspends deliveries, Klaus Müller, the president of Germany's energy regulator, told Bloomberg this week. "The burden of high gas and oil prices will actually mean that we are going to see some steep contraction in the European economies next year," Amrita Sen, director of research at Energy Aspects, told Bloomberg on Wednesday. European prices are at record highs and at around seven times higher than U.S. benchmark prices. But the U.S. prices at Henry Hub have surged, too, to the highest they have been in 14 years. This is the result of flattish domestic production, strong gas demand from the power sector in heatwaves, and lower than normal stocks in storage, despite the outage at the Freeport LNG export terminal, which has made available more gas for domestic consumption. The Freeport LNG outage prompted a 39% decline in Henry Hub prices in June. But in July, higher-than-normal temperatures across much of the U.S. resulted in strong gas demand in the power sector, which absorbed much of the Freeport LNG-related surplus and kept natural gas inventories from rising faster, the EIA said last week. Moreover, natural gas price volatility reached an all-time high in Q1 2022, the EIA noted. Working natural gas stocks are 12% lower than the five-year average and 10% lower than last year at this time, according to the EIA. After a slump in early June due to the Freeport LNG force majeure, U.S. benchmark gas prices have rallied by 70% since the end of June, hitting this week their highest level since August 2008 at above $9.30 per million British thermal units (MMBtu). The European benchmark price in MMBtu equivalents is now nearly $70/MMBtu – roughly seven times higher than American benchmark prices. This wide price differential is expected to pull more LNG exports out of America to Europe, which are already at record highs as the EU looks to replace as much Russian pipeline gas as possible. Asian utilities are also back on the market to procure fuel for the winter, traders tell Bloomberg. Higher demand in northeast Asia sent spot LNG prices rallying to nearly $60/MMBtu—the highest level since the beginning of March when the Russian invasion of Ukraine drove up northeast Asian prices to a record high of over $80/MMBtu. With winter approaching, natural gas prices could see further upside as Russian supply remains low, LNG demand rises, and American producers are not rushing to ramp up production. Eventually, the high prices could spur a response from U.S. shale gas drillers on the supply side, while on the demand side, record prices could accelerate the destruction of demand and sink European economies. '
Posted at 19/8/2022 10:24 by king suarez
Buybacks makes future dividends either bigger for shareholders, or cheaper for the company (or both!). Say, hypothetically, JSE have 500m shares in issue. The company buys back 50m shares for £50m. JSE now have 450m shares in issue. Assume the total FCF for dividends payable out of the life of the assets is £1bn. If the company had not done a buyback that would equal £2 a share in dividends for everyone (£1bn / 500m shares). With the buyback the total payout is reduced to £950m of free cash, but over 450m shares. We now all get £2.11 per share in dividends (£950m / 450m shares). So even if this does not shoot the share price up like a rocket short-term, we get a better yield long-term IF the shares are bought at a price well below the intrinsic value of the future cash flows - which I think we can all agree is the case right now as JSE is throwing off FCF that is not reflected in the current market cap? If the share price were say £4 a share then the same maths above means the company would only be reducing the shares in issue to 487.5m and we'd get £1.95 in dividends - less than if no buyback were done. This is just an illustrative example :) Basically, if you are a long-term investor and you think that JSE will have FCF in exess of market cap over the life of the assets (and future assets?) then you should want the company to spend as much FCF as possible reducing the share count AT THIS PRICE today. All else equal it is a far better return on investment than paying it out to us now - if you can wait for bigger rewards down the line. In short - if you see value in the share price at this level, you should encourage the company to buy shares back? of course, keeping enough spare cash for re-investment/acquisitions.
Posted at 19/8/2022 09:44 by taurusthebear
JSE are no doubt more concerned with doing what is best for the business rather than the short-term greed of some shareholders. All the criticism on here is reactive to a share price that is below what it was at the start of the year. If others rather than JSE are not buying the shares, why should it go up? And is there anyone on here who has never bought shares in a company only to see the share price go lower? Further purchases depend on a range of factors, it's just not as simple as chasing the share price down.
Posted at 04/8/2022 18:24 by mount teide
Buy backs - with the market having a current price bias to the downside, hope Stifel is letting "the trend be our friend" by saving our $25m of buy back ammunition for where it will have greatest impact. JSE currently has a major advantage over 99% of the O&G sector in that their production is selling at a highly material premium to dated Brent. Latest Tapis and Stag pricing is respectively at $19/bbl(3/8/22) and $34/bbl price premiums to dated Brent, largely the result of the production selling into the high price, high demand SE Asian market which has completely disconnected from the paper WTI and Brent futures markets over the last few months - enabling the Saudi's, the largest supplier into the region to increase their crude pricing to record premiums over regional benchmarks. Prior to the introduction of IMO 2020, Australian heavy sweet crude(Pyrenees, Van Gogh and Stag) sold at a $5-8/bbl discount to dated Brent, today it's selling at a $39-42/bbl premium to its pre IMO 2020 price discount to Brent. Entirely due to the fact that ship's engines are designed principally to run on heavy fuel oil NOT VLSFO, which is a blend of much lighter diesel like specification refinery produced fuel oils. Until the current generation of ship's are replaced with newbuildings capable of running more efficiently on VLSFO or other 'greener' types of fuel such as LNG or hydrogen, Australian heavy sweet crude will continue to attract a material price premium to dated Brent. Considering that the average age of the global shipping fleet is circa 13 years with a commercial life of circa 25 years, as suggested in early 2020, I strongly suspect a much larger mid cap JSE will have been acquired by an industry predator long before STAG's price premium to dated Brent disappears, as no shipowner is going to take a ship out of commercial operation for at least 3 months to re-engine it at a cost of circa $10-20m dependent on the number and size of the engines for no reduction in daily operating cost.....today, for both LNG and Hydrogen, it would mean a huge increase in operating cost over ships running on VLSFO at circa $1,000 a tonne, never mind much cheaper blended Australian heavy sweet crude. My estimate in early 2020, posted here and commented to JSE management in Feb 2020, was that post IMO 2020 Australian heavy sweet crude would attract a long term average premium to dated Brent in the range of $7-12/bbl......its averaging to date towards the top end of that range. Effectively, giving the producers of Australian heavy sweet crude an average circa $20/bbl sales price premium to what the production previously attracted. The STAG field post IMO 2020 has produced circa 2.6m bbls - suggesting the 'IMO 2020' price premium has since generated circa $50m of additional operating cash flow..... effectively, post IMO 2020, the complete turnaround in oil sales price from a discount to a price premium to Brent, will ALONE have generated additional operational cash flow, to comfortably exceed the cost of the two infill well drilling programme budgeted for H2/2022. And, in addition probably most of the CAPEX budget since 2020. For tightening up the global shipping industry's environmental regulations, JSE shareholders have a lot to thank the IMO, the global shipping industry regulators. With respect to the specification of marine fuel oils, no additional regulatory changes are expected before 2030 at the earliest. AIMHO/DYOR
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