2025 Half Year Results

Strong first-half operational and financial performance

Full-year 2025 guidance reiterated

30 September 2025—Singapore: Jadestone Energy plc (AIM:JSE) (“Jadestone” or the “Company”), an independent upstream production and development company and its subsidiaries (the “Group”), focused on the Asia-Pacific region, reports its unaudited condensed consolidated interim financial statements, as at and for the six-month period ended 30 June 2025 (the “financial statements”).

Management will host a webcast at 9:00 a.m. UK time today, details of which can be found in the announcement below.

H1 2025 Operational Highlights

• A total of over 11.7 million manhours worked across the Group without a lost-time injury.
• Record production of 20,368 boe/d (H1 2024: 16,867 boe/d) from a diversified production base, representing 21% growth year-on-year, underpinned by a strong performance from Akatara.
• Mitch Little appointed as Chief Executive Officer in June 2025, bringing significant operational and management experience from over three decades in the upstream industry with Marathon Oil Company.
• Sale of Thailand assets for a total consideration of US$39.4 million, with a further US$3.5 million in cash payable contingent on future license extensions, representing active portfolio management and disciplined capital allocation.
• In March 2025 the Group submitted a Field Development Plan (“FDP”) for the Nam Du/U Minh discoveries offshore Vietnam.
• The Skua-11ST development well at Montara was drilled safely, with initial production rates significantly ahead of expectations when brought onstream post period end.

H1 2025 Financial Highlights 

• Profit after tax of US$32.8 million (H1 2024 loss after tax of US$31.1 million).
• Revenues (post-hedging) of US$228.3 million (H1 2024: US$185.1 million), up 23% year-on-year.
• Adjusted unit operating costs of US$24.70/boe (H1 2024: US$31.72/boe), down 22% year-on-year, driven by a focus on cost control across the Group.
• Adjusted EBITDAX of US$100.6 million (H1 2024: US$60.2 million), up 67% year-on-year.
• Operating cashflow pre working capital of US$92.8 million (H1 2024: US$27.9 million), up 232% year-on-year.
• Closed a new US$30 million working capital facility with a 31 December 2026 maturity.
• During the period, the Group hedged an additional 1.8 million barrels of oil production over the 12 months ending 30 September 2026 at an average Brent price of US$69.92/bbl (excluding premiums).
• Net debt at 30 June 2025 of US$107.7 million, reflecting cash balances[1] of US$59.0 million and drawn debt of US$166.7 million. The Group received cash proceeds of US$62.5 million in July 2025 from June 2025 Montara and Stag liftings. 

Current Trading and Outlook 

• Continued strong production performance:
  • Year-to-date[2], Group production has averaged approximately 20,300 boe/d, with excellent performance from Akatara.
  • Since the beginning of June 2025, production from Akatara has averaged approximately 6,500 boe/d, thanks to an average uptime of 97.5%, supported by successful operational upgrades implemented during the scheduled May 2025 shut down and strong levels of gas demand.
• Progress on commercializing the Group’s significant Vietnam gas resource:
  • The Nam Du/U Minh FDP has been approved by Petrovietnam, the industry regulator, and is in the final stages of government approval.
  • The Group is also in the final stages of negotiations on a gas sales agreement for Nam Du/U Minh, and remains confident that the negotiations are heading towards a successful conclusion.
  • The gas sales agreement envisages a fixed gas sales price with annual escalation, and take or pay terms consistent with industry norms, providing a predictable revenue stream for Jadestone.
  • Invitations to bid were issued for both the proposed FPSO for Nam Du/U Minh and platform and pipeline contracts.
• All guidance metrics unchanged:
  • • 2025 average production of 19,500-21,500 boe/d.
    • 2025 operating costs of US$240-280 million.
    • 2025 capital expenditure of US$105-115 million.
    • 2025-2027 free cash flow (pre debt servicing) guidance[3] of US$270-360 million.
• Net debt at 31 August 2025 was US$53.5 million, reflecting cash balances of US$113.3 million and drawn debt of US$166.7 million.
• The Group continues to explore strategic opportunities to complement its organic growth activities, drive value and deliver scalable growth.

Dr. Adel Chaouch, Executive Chairman of Jadestone, commented:

“Jadestone delivered a strong set of results in the first half of 2025, with our focus on operational excellence and financial discipline beginning to pay off. 

Our strategy remains clear. We will continue to work diligently on optimizing the value of our producing asset base, including managing our mature assets to maximize their economic lives and push out the point of abandonment. In parallel, we continue to advance several organic and inorganic growth initiatives, with strong momentum in recent months as we progress our Vietnam gas discoveries with the Nam Du/U Minh FDP approval and Gas Sales Agreement. We remain confident that both will be finalized in the near-term, allowing us to push forward with the commercialization of this significant gas resource. 

We remain focused on unlocking the underlying value we believe exists in Jadestone’s portfolio that is not reflected in the current share price, for the benefit of our shareholders.”

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

 “We delivered record production in the first half across our diversified portfolio, primarily driven by a full period of Akatara production, with this asset continuing to outperform the expectations set at the beginning of 2025. Our cost performance in the period was also notable, with adjusted unit operating costs reduced by 22% year-on-year. Higher revenues and lower costs, coupled with the gain from the sale of our Thailand assets in April, allowed us to generate our first H1 profit after tax since 2022.

The excellent first half performance was delivered against a backdrop of safe operations, with over 11.7 million manhours worked across the Group since our last lost-time injury. We will look to build on the first half performance by expanding margins further without compromising the safety of our people or the integrity of our assets.

 The sale of our Thailand assets, a new working capital facility, cost optimization and additional oil price hedges all combined to strengthen our liquidity and financial position in the period. With uncertainty over oil prices in the near-term, the operational and financial discipline of the business is a continuing priority for Jadestone. With strong performance from Akatara and CWLH, and the initial contribution of the Skua-11ST well, we are reiterating our 2025 production guidance today following the upgrade in July. Both operating cost and capex guidance, as well as our 2025-2027 free cash flow guidance, are also unchanged.”

2025 FIRST HALF RESULTS SUMMARY

Operational and financial summary  

• Total hours without life altering events totaled9 million manhours (H1 2024: 3.9 million manhours), with manhours worked year-on-year reduced following completion of the Akatara project during 2024.
• Zero Tier 1 or Tier 2 process safety events, with a focus on asset integrity programs and compliance at the Group’s operated assets.
• Average production in H1 2025 increased 20.8% year-on-year to 20,368 boe/d (H1 2024: 16,867 boe/d). The growth was primarily driven by a full period of Akatara, CWLH output following the acquisition of an additional 16.67% working interest in February 2024 and improved Stag production due to fewer workover activities compared to H1 2024. These gains were partly offset by lower Montara output, impacted by weather-related downtime, subsea well shut-ins for the Skua-11ST drilling campaign, and natural field decline at the Group’s Peninsular Malaysia assets (“PenMal Assets”).
• Oil liftings totaled 2.4 mmbbls in H1 2025, marginally higher than H1 2024 (2.2 mmbbls), primarily driven by increased production in H1 2025. Sales of LPG and condensate from Akatara in H1 2025 totaled 0.5 mmbbls (H1 2024: nil), while total gas sales increased significantly year-on-year (H1 2025: 3.5 bcf vs H1 2024: 0.6 bcf) driven by a full period of Akatara production.
• The average oil price realized, excluding the effect of hedging for H1 2025, was US$77.45/bbl, a 12.7% decrease from US$88.73/bbl in H1 2024. This was driven by a lower realized Brent price (H1 2025 US$73.81/bbls vs H1 2024 US$84.14/bbl) and a lower average realized premium (H1 2025 US$3.64/bbl vs H1 2024 US$4.59/bbl).
• The average LPG and condensate price realized was US$49.82/boe (H1 2024: nil), reflecting pricing benchmarks minus transportation costs. The average gas price realized during the period was US$5.59/mcf (H1 2024: US$1.64/mcf), benefitting from a full period of sales from the Akatara field.
• H1 2025 revenue totaled US$228.3 million, a 23.3% increase reflecting the increase in lifted volumes described above, partially offset by lower average realized oil prices. H1 2025 and H1 2024 revenue reflect a hedging charge of US$2.7 million and US$15.4 million respectively from commodity swap contracts.
• Reported production costs reduced 15.9% to US$114.6 million in H1 2025, (H1 2024: US$136.3 million). The decrease was mainly due to changes in inventory movements, partly offset by the inclusion of production costs from Akatara. Excluding the impact of inventory movements and underlift, production costs decreased by 12.2%, from US$116.4 million in H1 2024 to US$102.2 million in H1 2025, reflecting a focus on cost control by the Group.
• Adjusted EBITDAX increased to US$100.6 million from US$60.2 million in H1 2024, due to higher revenue and lower production costs.
• Net profit after tax in H1 2025 was US$32.8 million (H1 2024: net loss US$31.1 million).
• Operating cash flow before movements in working capital significantly increased in H1 2025 to US$92.8 million from US$27.9 million in H1 2024.
• Capital expenditure in H1 2025 totaled US$69.4 million, an increase of 45.8% compared to H1 2024 at US$47.6 million, primarily due to expenditure on the Montara Skua-11ST well.
• Net debt of US$107.7 million as at 30 June 2025 (30 June 2024: US$69.1 million net debt), reflecting US$166.7 million⁵ drawn from the RBL facility and total cash and cash equivalents of US$59.0 million.

¹ Production includes the Sinphuhorm Assets gas production up to the point of divestment in accordance with Petroleum Resource Management Systems guidelines, non-IFRS measures. However, in accordance with IAS 28 the investment is accounted for as an associated undertaking and only recognizes the share of results of associate. Accordingly, the revenue and production costs from the Sinphuhorm Assets are excluded from the Group’s financial results.

² Realized oil price represents the actual selling price inclusive of premiums, excluding the effect of hedging.

³ Revenue in H1 2025 and H1 2024 include hedging losses of US$2.7 million and US$15.4 million respectively.

⁴ Adjusted unit operating costs per boe, adjusted EBITDAX and net debt are non-IFRS measures and are explained in further detail on the non-IFRS measures section in this document.

⁵ RBL borrowing base account reduced from US$200 million to US$166.7 million following principal repayment of US$33.3 million in April 2025.

For further information, please contact: 

Webcast

The Company will host an investor and analyst presentation at 9:00 a.m. (BST) on Tuesday, 30 September 2025, including a question-and-answer session, accessible through the link below:

Webcast link: https://www.investis-live.com/jadestone-energy/68c29527c6edb50015a739b5/ggdsfs

Event title: Jadestone Energy plc First-Half 2025 Results

Time: 9:00 a.m. (BST)

Date: 30 September 2025

To join the presentation by phone, please use the below dial-in details from the United Kingdom or the link for global dial-in details:

United Kingdom (Local): +44 20 3936 2999

United Kingdom (Toll-Free): +44 808 189 0158

Global Dial-In Details: https://www.netroadshow.com/events/global-numbers?confId=88676

Access Code: 368891

[1] Inclusive of restricted cash

[2] To 21 September 2025

[3] Based on a Brent oil price range of US$70-80/bbl (real terms from 2025). Assumes midpoint of internal production expectations and that all barrels produced during 2025-27 are sold in the period. Does not reflect any capital expenditure or abandonment spend outside the Group’s producing assets. Reflects upfront consideration from the sale of the Group’s assets in Thailand on 16 April 2025.

Link to the full half-year 2025 results statement here.