Operational Update

Operational Update

11 November 2024 - Singapore: Jadestone Energy plc (AIM:JSE) ("Jadestone", the "Company" or the "Group"), an independent upstream production company focused on the Asia-Pacific region, provides the following operational update.

The Company reiterates its 2024 production guidance, as provided in its H1 2024 results on 17 September 2024, being towards the lower end of the 18,500 - 21,000 boe/d range. 

During October 2024,  average daily Group production was over 22,000 boe/d and for various periods reached a record in excess of c.24,000 boe/d as Akatara intermittently achieved its daily contract quantity rate of c.20mmscf/d. Intermittent production is not unusual for the early stages of a project of this nature as commissioning issues continue to be addressed.

Operational performance across the remainder of the portfolio has been in line with expectations, reinforcing the benefit of a diversification of production streams. Drilling of the Skua-11 sidetrack on Montara is expected in the second quarter of 2025, subject to delivery of the rig on schedule.     

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About Jadestone Energy

Jadestone Energy plc is an independent upstream company focused on the Asia-Pacific region.  It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive upstream investment climate.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy's business in Asia-Pacific, the Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as at Akatara in Indonesia, Nam Du/U Minh in Vietnam and the SFA Cluster offshore Malaysia, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE).  The Company is headquartered in Singapore.  For further information on the Company please visit www.jadestone-energy.com.

This release does not include inside information.