Jadestone Energy Share Discussion Threads

[mount teide] 09/9/2018 01:09

David Neuhauser, Jadestone NED and MD of Livermore Partners, a US hedge fund which generated an astonishing +85% portfolio performance in 2016, specialises in the Energy, Commodity and Financial sectors. Livermore hold 6.96% of JSE.

In the following BNN Video David explains how he and two other Hedge Funds effectively took over the running of Mitre Energy(since renamed Jadestone Energy) in 2016, restructured the company, changed the business strategy and Management/Board, recruited Paul Blakeley and his team from Talisman (Asia) to run the company, and what the plans are going forward.





Part of an industry interview David gave in H2/2017 specifically relating to Jadestone Energy - well worth a read:

VW: One small cap you like is Jadestone Energy. What do you like about this business in particular?

DN: When we first took a position in Jadestone, we saw an opportunity to transform the company by replacing the management and board and using the business to acquire depressed operating assets others must sell to de-lever their balance sheets and focus on core basins. Producing assets (not exploration) with real cash flows and deep value.

We feel that we’ve made excellent progress on this. New management has been brought in, and the company has been transformed. New Jadestone is built on an “acquire and exploit” strategy not unfamiliar to some domestic E&P companies, whereby bringing operating capability and new capital to under-invested assets (or assets in the hands of super-majors for whom materiality in future activity is a concern to them), can add significant incremental value.

The difference with New Jadestone, compared to North American plays is that the company is focused on Asia Pacific opportunity where the returns are on average two or three times better than North America (IHS Herold annual performance reports), where the competition is very limited and therefore purchase price is very modest (often assets are sold on bilateral deals – no competition), and finally where opportunity options are on the increase.

These characteristics make the thesis almost unique (compared with North America for example where the competitive bidding is intense. What’s more, product pricing is favorable in Asia. Oil is usually sold at premiums to Brent and domestic gas is contracted in the range $7.50 – $8.50/mcf)

VW: The company just completed a refinancing to acquire assets from Stag Oilfield, what’s your view on this acquisition and the financing deal?

DN: Jadestone secured $68 million of new financing, by way of a (nonbrokered) placing for C$53 million (c$40 million) at C$0.40/sh and a $28 million convertible debt facility from Tyrus Capital to contribute towards further acquisition opportunities.

The convertible facility has a tenor of three years and carries a 7.5% coupon. The conversion price is C$0.50/sh. This additional financing will allow Jadestone to conclude the (previously announced) Stag asset acquisition, provide a LoC in respect of the Stag FSO and provide the capital to drill additional appraisal wells.

The Stag asset adds production of 3,750bopd and will generate cash that could be deployed elsewhere for the development of the portfolio. There are some additional acquisitions also in the pipeline. As described above, New Jadestone is built around an acquire and exploit strategy.

There is a growing number of M&A opportunities emerging with limited competition. Opportunities are increasingly being sold at distressed prices. The fundamental value proposition, however, is the reinvestment that follows M&A. We look for almost an order of magnitude of reinvestment potential compared to acquisition price which drives 3-6 times MOIC.

As the portfolio builds the ratio of organic capital increases giving optionality, diversity, and control. After the completion of Stag, Jadestone is now aiming to complete the purchase of two appraised gas fields in Blocks 05-1b and 05-1c offshore Vietnam in the Nam Con Son basin in the next two months and bring them on stream in 2019, as well as further development of its existing assets in Vietnam’s Malay Basin with the Nam Du and U Minh gas fields.

VW: If everything goes to plan how much do you think the company could be worth? Do you have a bear and bull valuation?

DN: We feel Jadestone can be worth $2.00+ a share. Perhaps much more over time as the company continues to roll-up assets. Timing is tough to determine, but today even with our capital raise, the shares are very cheap. Trading at only $15,000 a flowing barrel and a discounted 0.30 net asset value per share with no debt, $20 million of cash on the balance sheet and plenty of development opportunities in the pipeline this is a very compelling opportunity where we believe the downside is limited. Catalysts to further upside will be closing the two current acquisitions, adding two or three new acquisitions currently being targeted, delivering production and cash flow stability for the company for the first time since inception. Also, recognition in the market that the strategy of new management is working and value is being delivered, re-listing the stock on a more appropriate exchange, further delivered growth longer term.

VW: What do you think of the new management?
They’re very skilled and experienced. Each of the team has 15 to 30 years experience operating in the industry within the Asia Pacific region. The new team also has a longstanding relationship with the principal stakeholders and deep insight to many M&A opportunities. They’re credited with already creating one of the most successful independent E&P business in Asia Pacific, Talisman Energy, and we hope they can replicate this success at Jadestone.

VW: Are there any issues that could derail this thesis? Is the company highly sensitive to oil prices or is this a play on rising oil prices?

As Jadestone’s shares are already trading at a deep discount to the value of the company’s assets, we believe there’s a wide margin of safety here. The stock is not a direct play on oil but a play on management’s ability to buy distressed assets at attractive prices. Of course, as with all investments, there are risks; execution of the new management team, available opportunities, and of course financing risks but today the company has plenty of opportunities available to it and is fully funded.

So, we see much more upside as long as the current environment holds. On the topic of energy prices, I should point out that as part of the Asia Pacific upstream strategy, approx. 50% to 70% of the reserves and production will be domestic gas the majority of which is sold at long-term fixed prices with escalation clauses. This makes the business a natural hedge in a volatile price environment and takes away significant upstream investment risk.

[mount teide] 07/9/2018 08:35

Asia Braces For Much Tighter Oil Markets - OilPrice.com today



'Two months before the U.S. sanctions on Iranian oil exports go into effect, Asian refiners and traders are beginning to line up their purchases for cargo loadings for November.

On September 3, the crude oil trading cycle rolled to the month of November, and sentiment in the Middle East crude trade sharply changed. Asian buyers—whose oil purchases from the Middle East are priced off the Dubai and Oman benchmarks—are anticipating tighter supplies of medium and heavy sour crude grades from November onwards, when the U.S. sanctions are expected to stifle at least part of those Iranian barrels flowing to Asia.

The market’s expectations of reduced flows of both medium and heavy sour grades from Iran lifted the Middle East crude structure at the start of September, sending the November Dubai cash and swap spread surging. This spread between Dubai cash and Dubai swap—a monthly cash-settled swap based on the Platts daily assessment price for Dubai Crude—is generally viewed as an indicator of market sentiment in the Middle East sour crude market......

.....The market will lose “well over 1 million” bpd from Iran with the sanctions, and “that can’t be made up,” John Kilduff of Again Capital told CNBC on Tuesday, expecting WTI Crude prices at the end of this year to reach between $85 and $90 per barrel, with Brent Crude between $95 and $100.

RBC Capital Markets expects the losses of Iranian oil to exceed 1.2 million bpd in the first quarter of 2019, and Iran’s reaction to the U.S. sanctions in November could lead to some sort of “unintended military escalation,” which the markets are currently underestimating.'

[mount teide] 07/9/2018 07:44

David Neuhauser, Jadestone NED and MD of Livermore Partners, a US hedge fund specialising in the energy sector increases Livermore's shareholding by a further 183,900 shares to 32 million shares/6.96%.

Joined them earlier this week by adding to an initial position following further research.

[zengas] 07/9/2018 07:29

Further Director buy announced this am of 183,900 shares at cdn 60.7c/35.7p = £65,600.

Holds just shy of 7% and 32m shares.

[mount teide] 05/9/2018 07:52

The super-bear analysts at Barclays Bank throw in the towel and lift their average Brent price forecast by $25, saying in a new oil market report they expect oil prices to be consistently higher over the next few years than previously thought.


Say Goodbye to Cheap Oil......for now - OilPrice.com today


'Oil prices will be much higher over the next few years than previously thought, according to a new report from Barclays.

The investment bank significantly raised its pricing forecast for 2020 and 2025 in its annual medium-term oil report. Barclays expects Brent to average $75 per barrel in 2020, up from a previous estimate of $55, while prices may average $80 in 2025, up from $70 previously.

The bank noted that the market is dramatically different than it was at this point last year when it issued its previous medium-term report. U.S. shale drillers are maintaining capital discipline, which could lead to lower than expected production levels. OPEC and Russia have demonstrated resolve and laid the groundwork for long-term market management, which could keep supply off the market for years to come.

Also, the U.S. has deployed an aggressive sanctions campaign against Iran and even Venezuela, measures that should translate into more than a million barrels of per day of supply losses. And finally, “several key OPEC producers are at risk of being failed states,” Barclays concluded....

..One interesting conclusion from the report is that Barclays does not expect a boom-bust phenomenon to characterize the oil market over the coming decade, despite such a historic tendency. Short-cycle U.S. shale supply, steady demand growth, and other global supplies should keep oil prices stuck within a $15-per-barrel range. “Of course, a perfect storm of bullish factors would move prices in excess of $100/b if disruptions worsen, economic growth stays resilient, and Permian bottlenecks are not resolved,” Barclays cautions. “Yet we do not see such a price level as sustainable given government stockpiles, a more tenuous economic outlook, and Saudi Arabia and Russia’s stated willingness to keep prices rangebound by raising output.”

Barclays expects the adoption of electric vehicles to continue to scale up, reaching a cumulative 55 million units by 2025, which erases about 1 million barrels per day of oil demand. Gasoline demand could peak by 2030, the bank says.

Astute readers would note that while Barclays expects oil prices to average $80 per barrel in 2025, Brent is flirting with that price level right now in September 2018. The supply losses from Iran, unfolding faster than expected, have complicated the supply picture for the rest of 2018. Brent has gained nearly $9 per barrel since mid-August.'

[highly geared] 04/9/2018 19:33

Looking rather cheap at current levels...

[mount teide] 04/9/2018 11:11

Brent spot hits $79.20 that's means JSE will be getting $81.50 with their $2.30 regional premium.

With an operating cost per barrel currently at circa $33 - this means JSE should be generating circa $48.5/bbl of cash flow from current production = $265m / annum inclusive of the Montara Acquisition; due to close Sept/early October.

[mount teide] 03/9/2018 13:08

Brent up $0.63/0.81% this morning to $78.27 - JSE with their $2.30 regional premium to Brent will be getting over $80.50.

[mount teide] 31/8/2018 12:36

Over the past week or so there has been a large buyer active in the market soaking up any selling at prices between 36.75p and 37.25p.

[mount teide] 29/8/2018 19:18

Brent up $1.22/1.5% today - now back above $77.50.

JSE will be getting close to $80 a barrel for their 13,600 bopd(Stag + Montara) - a cool $1.09 million a day in gross revenue.


The rising oil price today was driven largely by a statement from the head of the IEA that "Robust demand and production uncertainty in some oil-producing countries are expected to tighten the oil markets as we approach the end of the year"

The IEA head continues to believe that oil demand growth will continue to be very strong, and coupled with the collapse in Venezuela and what he called the “fragility of production” in countries in the Middle East, the oil markets are set for tightening toward the end of this year.

Outside of war-induced outages, Venezuela is suffering the worst loss of oil production in history amid an unprecedented economic collapse, years of mismanagement and underinvestment in the oil industry, an aggravating humanitarian crisis, and a leader who is hell-bent on clinging to power. Venezuela’s inflation will surge to one million percent by the end of this year as the country with the world’s biggest oil reserves remains stuck in a profound economic and social crisis, the International Monetary Fund predicts.

According to OPEC’s secondary sources, Venezuela’s oil production in July dropped to below the 1.3 million bpd mark at 1.278 million bpd; plunging 47,700 bpd from June. Some analysts expect Venezuela’s production to fall to below 1 million bpd by the end of this year.

U.S. sanctions on Iran’s oil exports are expected to take around 1 million bpd or possibly even more off the market in Q4, which would further tighten the oil market if demand growth keeps its pace.

[mount teide] 29/8/2018 17:26

India is set to overtake China as the top driver of global oil demand growth according to research carried out by Wood Mackenzie - CNBC today


'India is set to overtake China as the biggest source of growth for oil demand by 2024, according to a forecast announced Monday by research and consultancy group Wood Mackenzie.

The country's oil demand is set to increase by 3.5 billion barrels per day from 2017 to 2035, which will account for a third of global oil demand growth. India's expanding middle class will be a key factor, as well as its growing need for mobility, according to Wood Mackenzie.

On the other hand, China — currently the second-largest oil consumer in the world — may soon need less oil. In 2017, it overtook the U.S. as the biggest importer of crude oil, but it's set to see a decline in oil demand growth from 2024 to 2035, Wood Mackenzie Research Director Sushant Gupta told CNBC.

That's due to two trends: Alternative energy sources such as electricity and natural gas are displacing the need for gasoline and diesel. And, a more efficient freight system and truck fleet will also result in sluggish road diesel demand, Gupta said.

For India, as demand grows, an oil shortage is already imminent. The country is only expected to add 400,000 barrels per day in firm refinery capacity out to 2023 — paling in comparison to demand growth — warned Wood Mackenzie.

"We think the most likely situation is that India would need between (3.2 million and 4.7 million barrels per day) of new capacity out to 2035 to remain self-sufficient in transport fuels. So we are talking about a future capacity which is 1.7 to 2.0 times the current. This is clearly an uphill task, unless domestic refiners can commit to their planned capacity additions," Gupta said in a Wood Mackenzie release accompanying the India demand projection.

With India's refinery yields still highly tilted toward diesel, Wood Mackenzie added that India needs to start focusing on increasing gasoline. However, with a global surplus of gasoline expected in the long run, India could consider importing the fuel, the research firm suggested.

India's fate has long been tied to oil prices, as it is a net oil importer, and rising prices are set to hit its economy. As a result, its currency could continue weakening, its current account and trade deficits are set to widen further, and its growth could be affected.

In the long run, the country could choose to switch its passenger transport sector — cars, vans and utility vehicles — to run on electricity instead, suggested Gupta.'

[mount teide] 29/8/2018 01:20

Spangle - ref Ogan Komering contract re-negotiation - although nothing specific was mentioned, Paul seemed quietly confident a new contract would be secured in the not too distant future and mentioned in the meantime the Board had taken the decision to keep the Company's local office and small specialist team in place to await developments.


Livermore Partners - a US hedge fund specialising in the energy sector had the following comment in its Q2/2018 Report regarding its investment in Jadestone Energy:

'With Jadestone (JSE), our thesis continues to manifest along with very strong returns for this exciting and growing oil producer. Jadestone successfully IPO'd in London in August under the symbol, JSE.

JSE executed a $200mm transformational Australian asset acquisition from Thailand giant, PTTEP. We hold a seat on the Board of Directors of JSE(Livermore CEO is a Non Exec), added to our equity position on the raise, and continue to focus hard on its growth trajectory.

Jadestone has a chance to be a true small cap champion and the potential to be a $1B company in the face of Brent oil's uplift near $75 a barrel. Adding to this are the strong free cash flows from the new Montara acquisition, which on a proforma basis, will allow $100mm of annual FCF for a company today trading at a large discount (1.5X EV/EBITDA for 2019) to any peers. We continue to feel Jadestone is in a great position to prosper in the years ahead thru both acquisition and organic growth and reflects the strength of an excellent management team. My hats off to CEO Paul Blakeley and his team!'

[spangle93] 28/8/2018 23:04

Thanks for feeding back your notes, Mount Teide. Great to hear about Vietnam project funding source - I know it must depend on prices and production being maintained, but at least it's indicative of not having to raise funds for this attractive development.

Did they have any timeline, cost, or percent confidence in completion, for Ogan Komering renegotiation? Would any deal be back-dated to the Pertamina 100% award date?

[mount teide] 28/8/2018 17:28

Some Notes from today's Conference Call:

Montara acquisition likely to close Sept/Early October. Effective date of 1st Jan 2018, with an expected payback by end of 2019. Circa $80m+ of cash will be due to Jadestone under the terms of the contract by expected completion date. Targeting operatorship of Montara 2-3 months post closure of the deal.

Montara has excellent reservoir characteristics - currently producing circa 12,000bopd - company is maintaining guidance of an average of 10,300 bopd during the remainder of the year. Targeting an increase in annual production of 1,900 bopd in 2019 with 12,000 - 14,000 bopd the medium term target.

Working on increasing field uptime from 72% to 84%, with 90% the target over the medium term.

Stag - currently producing at 3,300 bopd. Total production cost down 52% compared with Q2/2017 - the last quarter under the old field operator. Life of field recently extended to 2034. Eleven days of major maintenance work carried out in the quarter(effectively deferring 38,000 bbls/422 bopd); work which will not need to be repeated until earliest 2022/23.

Under expiring contract Ogan Komering PSC generated $5.2m free cash flow in 14 months - contract currently being renewed with Pertamina. This is upside that was not included in the CPR. In addition, it has 3 undeveloped gas discoveries they wish to move with Pertamina to the approvals process. Over 45 mmboe P2 with another 30 mmboe P2 to be added in Q3 2019.

Montara/Stag fully funds Q3 2019 Vietnam phased gas project start up to production.
Almost $1billion of potential value in the company assets so huge upside from current m/cap of $165m - this does not include any contribution from SC56, Tho Chu or Ogan Komering.

Oil sales are currently achieving a $2.30 premium to Brent.

The economics of the 2-3 year asset development plan is based on $50 Brent.

Business Development team actively monitoring a number of other early stage opportunities, some of greater scale.

[captainfatcat] 28/8/2018 15:29

Zengas thanks for the feed back

[zengas] 28/8/2018 15:10

Excellent 2pm Conference call.

Montara acqusition. Given the effective date is Jan 1 2018, payback on this should be acheived before end next year. There is about $77m cash due to JSE at end July 2018.

Ogan Komering PSC generated $5.2m free cash flow for 14 months under prior contract and currently being renewed with Pertamina. This is upside that was not included in the CPR. Also in addition to current production - it has 3 undeveloped gas discoveries that they wish to move them with Pertamina to the approvals process and bring them to market.

Over 45 mmboe P2 with another 30 mmboe P2 to be added in Q3 2019.

Montara/Stag fully funds Q3 2019 Vietnam gas project start up to production.
Almost $1b of current value in the company assets so huge upside from current m/cap of £165m. (Doesn't include SC56, Tho Chu or Ogan Komering).

Question asked about M&A activity - Answer from Micheal in Business Dev Team saying We will look at opportunities of greater scale. We are looking - A number are early stage.

[euclid5] 28/8/2018 10:52

GMP note today

"Jadestone Energy (JSE LN/CN); BUY, £0.70: 2Q18 results – Net cash at 30th June was c. US$7 mm (GMPFEe: c. US$9 mm) plus a further US$10 mm of cash in support of a bank guarantee. Overall 2Q18 production was 4.2 mboe/d (GMP FEe: 4.8 mboe/d). 2Q18 production from the Stag Oilfield in Australia was 2.8 mbbl/d (GMP FEe: 3.5 mboe/d) however current production at Stag is 3.3 mbbl/d. In Indonesia, at Ogan Komering the cooperation contract expired 49 days into the quarter over which period production was 1.4 mboe/d (GMP FEe: 1.3 mboe/d).

Market Reaction: neutral. Cash is broadly in line and the lower production at Stag was due to a larger effect of maintenance shutdown than we had carried but we note that current production is back closer to expected levels. Attention will now focus on the closing of the Montara acquisition in
September/October. There will be a call at 2pm (London) today

[mount teide] 27/8/2018 13:00

spangle - interesting - thanks for your thoughts.

[spangle93] 26/8/2018 23:17

MT - true enough, but it's important to make the improvements you can and not rely on the oil price, i.e. plan based on a price that's genuinely low. During the early years of this decade, investments were made with low case and high case sensitivity assumptions that were much smaller than the drop that happened, or indeed, had happened previously.

The Stag opex/bbl will decrease if they pump at a higher production rate, following capex-funded sidetracks. That requires identification and execution of attractive infill or workover opportunities, not all of which will deliver as expected (the flip side being some will exceed plans). The key, as they show on slide 14, is to make sure the production flows as continuously as possible through field management and debottlenecking, while trying to seek ways of cutting extraneous opex, i.e. if you can grow production and keep total opex flat, then you're doing well :-)

Although the company cites its niche as a SE Asia acquirer of unloved, undervalued assets, the region is somewhat immaterial when oil is a global commodity. Australia is one of the higher cost countries in which to do business. The Vietnam gas (and potentially the PSC), on the other hands, talks much more to local markets which may be prepared to pay a premium if there are shortages. I think they will look for more deals like this.

[mount teide] 26/8/2018 19:29

MrT% - yes, i am expecting a significant improvement in the next quarter's results.

This is based on an analysis of the trend between the price of Brent and the operating cost per bbl of Stag - the data(below)clearly shows the huge impact that a rising oil price and reducing operating cost per barrel is having on the profitability of the business since Jadestone took over operator-ship of the Stag Field in H2/2017.

In H1/2017 under the prior operator the differential averaged $8.00, rising to $24.00 in H2/2017, and now $43.50 in Q2/2018 (all rounded to nearest 0.50 cents)

Brent average Prices - Jadestone get a $2-3 premium to Brent
$39.00 - H1/2016
$48.50 - H2/2016
$51.50 - H1/2017 - Stag (Op Cost/bbl: Q1/$45.84 - Q2/$41.23) - Prior Operator
$56.50 - H2/2017 - Stag (Q3/$32.99 - Q4/$32.15) - Jadestone Operator
$66.75 - Q1/2018 - Stag Q1/$34.27
$76.50 - Q2/2018 - Stag Q2/$33.09
$76.50 - Current Spot Price

[mrtenpercent] 26/8/2018 17:36

@Mount Teide:

I haven't done as much research as you so I don't know the full history. I believe the current team have taken this business over from previous directors- is that true?

The accounts at 31/12/17 (for the 21 months from 01/04/16) show that shareholders equity (share capital + share based payments and warrants) of 386.321mln had reduced to 108.198mln because of accumulated losses of 278.123mln, and in that period the company had a GAAP loss of 51.427mln (33c/share). More positively, the annualised loss for the 9 months to 31/12/18 reduced from -36.497mln to -19.906mln - but still a loss, and their current assets (including cash) were only 24.779mln (reduced from 32.318mln at 31/03/18.

The most recent financial statement for the 3m to 31/03/18 shows net equity reducing further to 91.063mln. Current assets only slightly down but losses continuing - a loss of -16.593mln for the 3 months, shown as -7c/share.

I've read all the good stuff about what they are doing, and the potential, but the way I'm reading the accounts if they don't become profitable soon they won't last long enough to reap the rewards of the work they are doing. Are you expecting the 3 month results on 28 August to show a big shift towards profitability?

[mount teide] 26/8/2018 13:17

Jadestone Vietnam - Natural Gas Development Assets

The long term growth potential for Natural Gas in SE Asia is huge and growing much faster than any other region in the world - the result of a move to clean energy sources to deal with appalling pollution issues, very high populations, and the rapid move towards urbanisation across the region.

As a result, the energy hungry but resource/production lite SE Asian region pays a very significant premium for its Natural Gas imports much of which is in form of very expensive LNG by sea.

Average Natural Gas pricing over the last 5 years in the various major consuming markets:
US$ per MMBtu
$3 - US
$6 - UK/Europe
$9 - Japan/SE Asia(peak period LNG spot cargoes can reach $15)

More than 50% of all LNG spot cargoes currently shipping into South East Asia are from the US - the current average profit margin per cargo is an astonishing $4 per MMBtu / 133% of the current US spot rate!

In common with Japan, most other SE Asian Nations are raising their consumption forecasts for natural gas for the decade ahead as a result of a planned shift from coal and Nuclear - this will help keep the region's huge "Nat Gas Price Premium" well underpinned.

South Korea, the world’s third-largest liquefied natural gas (LNG) importer behind Japan and China has previously forecast natural gas demand remaining static at around 34.65 million tonnes of LNG equivalent in 2029. However, after a public outcry over pollution levels, they recently revised this forecast upward to 40.49 million tonnes in 2031, to demonstrate a greater commitment to clean energy sources. In common with much of SE Asia the country has long been reliant on coal and nuclear power to produce electricity. The share of gas-fired power generation made up about 17% of the country’s total electricity needs in 2017 and is estimated to increase to 18.8% by 2031 - leaving plenty more potential for a further shift away from coal to cleaner energy.

The region has the World's three largest LNG importing Nations - Japan, China and South Korea - combined they currently import the majority of their Nat Gas via ships. This trend is not only set to continue but rapidly accelerate with all three committed to very large capital expenditure increases to massively expand their gas supply infrastructure, storage facilities and pipelines. Japan's new $40bn Ichthys LNG terminal is the latest to commence operations in the region this year.

However its viewed - the SE Asian region is planning to have a much greater reliance on Natural Gas imports for their energy needs in the future(the region is forecast to consume 75% of global nat gas production by 2030), and since much will increasingly be in the form of expensive LNG by sea, this will effectively maintain a permanent price premium for natural gas supplied by pipeline in the region.

Having a rising tide(commodity cycle, market and company fundamentals) gently flooding behind an industry significantly helps to minimise the investment downside risk. Similar to the LNG suppliers into the region, Jadestone expects to negotiate a long term fixed price gas supply contract for its Vietnam gas field production with the Vietnam Government and fertiliser industry, with annual fixed price uplifts.

The more two friends and i research Jadestone Energy the stronger our impression grows of a company being: "In the right place, at the right time, with the right product and management". We see Jadestone as an early stage 'Venture Production'(of North Sea second phase O&G field fame) of the SE Asian / Pacific Rim O&G Basins.


AIOHO/DYOR

[mount teide] 26/8/2018 10:53

mr.oz - GMP Securities research Note was published on the 24th July, a week or so after the announcements of the Montara Project Acquisition and notification of the intention to raise the cash to fund it through an AIM Market Listing and Senior Debt Financing were made on 16th July.

[mr.oz] 26/8/2018 10:03

What date was the upgrade pls