Jadestone Energy Share Discussion Threads

[mount teide] 13/2/2024 09:02

The Pyrenees project consists of six conventional oil fields located approximately 45km northwest of Exmouth, Western Australia, in the Carnarvon Basin. Crude oil is offloaded from the FPSO directly to tankers for sale to international markets and attracts a premium to Brent due to its very low sulphur content. Produced formation water is treated on the facility and reinjected for disposal in four subsea water injection wells.

A single well into the Macedon gas field allows for injection or production of natural gas depending on facility requirements. The Pyrenees Phase 4 production development project has been sanctioned with infill drilling and well intervention for water shut-off.

Pyrenees Conventional Oil Fields - Ownership Structure:

Block: WA-42-L
Woodside 71.4%
Santos 28.6%

Block: WA-43-L
40.0% - Woodside
31.5% - Santos
28.5% - Inpex

The Pyrenees conventional oil field - recovered 75.36% of its total recoverable reserves, with peak production in 2010. Based on economic assumptions, production will continue until the field reaches its economic limit in 2047.

The FPSO Pyrenees Venture completed a 70-day inspection, refit and maintenance dry-dock program in Singapore in 2018 - 1,000 maintenance operatives from more than 20 nationalities and 15 contracting companies were integrated into one team to complete the work on schedule and to budget.



Source: Offshore Oil and Woodside


Australian crudes, light or heavy, are the sweetest grades globally. They typically have a sulphur content of less than 0.3%-0.4%, which means, some of the heavy grades can go straight into the low sulphur marine fuel blending pool.

The very high premiums paid for Australian heavy sweet crude's do not reflect the refining value of the crude, but rather its value for blending into the low sulphur fuel oil pool for the marine fuel market.

Pyrenees attracts the highest premiums to dated Brent, largely because it is generally sold in much larger cargo sizes than the other Australian low sulphur heavy crudes:

0.14% Sulphur / 18.5% API - STAG - Australian / JADESTONE
0.19% Sulphur / 19.3% API - PYRENEES - Australian / WOODSIDE and SANTOS
0.37% Sulphur / 17.4% API - VINCENT - Australian / WOODSIDE
0.37% Sulphur / 18.5% API - VAN GOGH - Australian / BHP

[nigelpm] 13/2/2024 09:02

In that situation yes Stemis - would reduce the potential upside but materially increases the chance of getting partway there.

[jnbrw] 13/2/2024 09:01

Is the co suspended?

[thedudie] 13/2/2024 09:01

Yes I expect some equity would be used, but with cashflow and RBL maybe not all of it.

Hibiscus has a strong overlap with JSE (if they dropped the UK assets).

[nigelpm] 13/2/2024 08:57

All speculation at this stage until we see the next RNS.

[nigelpm] 13/2/2024 08:56

I wouldn't be surprised at an RBL extension either but will be equity backed as an offer to Woodside that beats Carlyle and potentially the Malaysian Hibiscus.

[thedudie] 13/2/2024 08:53

Or the banks up the RBL by $300m - they may like the risk spread a bit as well.

[stemis] 13/2/2024 08:49

But presumably will leave Woodside with a majority stake in JSE (unless they can place some of the shares) and a lot of the upside dependant on how expensive/cheap are the assets they acquire. Effectively would dilute some of the upside (to the extent it materialises) from the existing assets...

[e43] 13/2/2024 08:47

Nigel,it's JSE's' management' skills and value destruction over the past couple of years that invite scepticism

[nigelpm] 13/2/2024 08:43

Hibiscus - presentation - hxxps://www.hibiscuspetroleum.com/wp-content/uploads/2024/01/2024-Hibiscus-Investor-Presentation-Jan-R1.pdf

[nigelpm] 13/2/2024 08:41

Lots of posts suggesting it's "out of their league" or "too big"

Highly recommend reading the HBR acquisition:

hxxps://www.voxmarkets.co.uk/rns/announcement/2682fa40-1c25-4997-aa55-bed58e33b681/

[yasx] 13/2/2024 08:26

Dudie

Hence my point the otger day - what is the plan here as far as Tyrus is concerned since they must have significant input behind the scenes.

[fardels bear] 13/2/2024 08:25

If they weren't it wouldn't be happening or possibly happening

[thedudie] 13/2/2024 08:24

Thought that RNS was going to be the CWLH completion - a bit surprised.

If Jadestone get themselves in pole position the acquisition will take a long time, reverse takeover, admission documents etc etc.

Wouldn't be surprised if a chunk of cashflow got knocked off the price eventually.

You have got to assume that Tyrus are on board with the move ....

[tom111] 13/2/2024 08:15

Out of their league i would have thought.Could be the reason for the selling over the last few days

[sea7] 13/2/2024 08:12

Private equity giant Carlyle, Hibiscus Energy and Jadestone Energy are believed to be the final contenders in the race to buy Woodside's Macedon oil and gas assets in Western Australia. Expectations are that the Macedon project could be worth about $US500m ($770m)

behind a paywall in the australian.com from two days ago.

[34adsaddsa] 13/2/2024 08:11

"Woodside and Santos called off their merger."

Oh. Never mind then.

[croasdalelfc] 13/2/2024 08:04

The assets have been up for sale since August - the Santos/Woodside merger since Dec. Would be nice to get a cheaper sale so they can get that merger over the line.

[e43] 13/2/2024 08:03

Woodside and Santos called off their merger.
JSE,V ambitious for a company with their recent performance

[nigelpm] 13/2/2024 08:03

Up against Carlyle and hibiscus. So three left in it. Jadestone would appeal as upside in stock from a reverse takeover.

[nigelpm] 13/2/2024 07:59

We'll find out soon enough

[pughman] 13/2/2024 07:54

I do not understand how JSE thinks it can do this deal.

[croasdalelfc] 13/2/2024 07:51

hTTPs://www.offshore-technology.com/news/woodside-energy-assets-sale/75m 2P 82% gas and $150m a year cash flow until 2027

[nigelpm] 13/2/2024 07:50

Unlike management would willingly put further pressure on share price so premium wouldn't surprise.