History
Since the major shift in strategy in late 2016 which pivoted Jadestone away from an exploration focus to production and development, the company has executed a number of acquisitions on attractive terms, which has delivered a significant reserves and production base.
Acquisition multiples since 2016 – delivering growth at attractive prices
Significant and consistent growth in reserves and resources
Significant production growth in recent years, underpinned by CWLH acquisitions and successful Akatara development
Delivering on strategy to diversify the business into higher-quality, higher-margin assets
Explore Our History
Click on a time period to learn more
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2025
January 2025
- David Mendelson joins Jadestone’s Board as a Non-Executive Director
- Announcement of record monthly, year-end exit rate and annual production in 2024
February 2025
- Year-end 2024 independent evaluation of reserves announced:
- 1P reserves ratio of >200%
- 2P reserves ratio of 104%
- 2P reserves valued at US$799 million
- No material safety events in 2024 and a lost-time injury rate lower than the industry average
- Targeting free cash flow guidance (pre debt servicing) of US$270-360 million over the 2025-27 period
March 2025
- Submission of field development plan for Vietnam gas discoveries
April 2025
- Thailand assets sold for an upfront consideration of US$39.4 million, with a further US$3.5 million in cash payable contingent on future license extensions. Disposal allows Jadestone to focus its future growth initiatives through its operated positions in Australia, Malaysia, Indonesia and Vietnam.
- Signature of a new US$30 million working capital facility with a 31 December 2026 maturity.
June 2025
- T. Mitch Little appointed as Chief Executive Officer
July 2025
- H1 2025 trading statement:
- Record production in the first half of the year, leading to an upgrade of production guidance
- Unit operating costs decline nearly 30% year-on-year, operating cost guidance reduced
2024
January 2024
- Appointment of Joanne Williams as independent Non-Executive Director.
- Signing of gas sales heads of agreement for Nam Du and U Minh fields offshore Vietnam
February 2024
- Completion of additional 16.67% increase in CWLH interest
March 2024
- Dr Adel Chaouch appointed Chairman. Robert Lambert and Lisa Stewart step down as Non-Executive Directors.
April 2024
- Successful completion of RBL Facility redetermination
May 2024
- Appointment of Linda Beal as a Non-Executive Director
June 2024
- Mechanical completion and introduction of reservoir gas at Akatara
July 2024
- Award of the SFA Cluster PSC offshore Peninsular Malaysia
- Commencement of Akatara contractual gas sales
October 2024
- Andrew Fairclough appointed as Chief Financial Officer and Executive Director
December 2024
- Dr. Adel Chaouch appointed Executive Chairman
- A. Paul Blakeley steps down as Chief Executive Officer
- Joanne Williams appointed as Chief Operating Officer
- Linda Beal appointed as Senior Independent Director
- Completion of Akatara EPCI contract performance test
2023
January 2023
- DNV’s independent review of Jadestone’s remediation plans and operational readiness for the Montara Venture FPSO submitted to NOPSEMA
- Announced that Stag-50H and 51H were brought onstream at a combined rate of approximately 2,000 bopd
- Acquisition of interest in Sinphuhorm gas field onshore Thailand
February 2023
- NOPSEMA closes Montara field General Direction issued in September 2022
- Completion of Sinphuhorm interest acquisition
March 2023
- Production restarts at Montara
May 2023
- NOPTA approves title transfer for CWLH interest acquired in 2022
- US$200 million debt facility signed and completed
June 2023
- Raises approximately U$53 million of new capital through a placing, subscription and open offer
July 2023
- Montara production temporarily shut in after gas alarm in water ballast tank
September 2023
- Montara production restarts
October 2023
- Gunter Waldner appointing Non-Executive Director
November 2023
- Acquisition of additional 16.67% interest in the CWLH fields
December 2023
- Malaysia infill drilling programme delivers significantly ahead of expectations, quadrupling production rates at peak
- Announces interim greenhouse gas reduction targets to complement net zero by 2040 pledge
2022
March 2022
- Full production at Montara resumed following replacement of the engine in the gas reinjection compressor
April 2022
- Appoints Jenifer Thien as Non-Executive Director
June 2022
- Announces a commitment to Net Zero Scope 1 and 2 greenhouse gas emissions from operated assets by 2040.
- Recommended a final 2021 dividend of US$6.25 million, a 25% increase on the second 2020 dividend
- Takes Final Investment Decision on Akatara gas field development on the Lemang PSC onshore Indonesia, with first gas expected in H1 2024
- Announces the appointment of Bert-Jaap Dijkstra as Chief Financial Officer
July 2022
- Acquires non-operated interest in North West Shelf oil producing assets offshore Australia
August 2022
- Launches US$25 million share buyback programme
- Temporarily shuts in production from the Montara field to focus on inspection and repair activities following a small release of oil to sea in June 2022 and an additional internal defect in a water ballast tank
September 2022
- Declares interim dividend of US$3 million, a 10% increase on the interim 2021 dividend
October 2022
- Terminates transaction to acquire operated interest in the Maari field offshore New Zealand, due to a lack of progress on regulatory approval, and resultant uncertainty over the timing of approval for the transfer of interest and operatorship
November 2022
- Completes acquisition of non-operated interest in North West Shelf oil producing assets offshore Australia and 10% interest in the Lemang PSC onshore Indonesia.
2021
April 2021
- Announced its intention for the Directors to recommend a 2020 final dividend of 1.08 US cents per share, or US$5.0 million in total, following the completion of an internal restructuring and capital reduction.
- Completed an internal reorganisation resulting in a new UK-based parent company, Jadestone Energy plc.
- Executed a sale and purchase agreement to acquire various operated and non-operated assets in Peninsular Malaysia.
August 2021
- Completed the Peninsular Malaysia acquisition.
September 2021
- Declared an interim dividend of 0.59 US cents/share, equivalent to a total distribution of US$2.8 million.
- Montara H6 infill well successfully brought onstream at ~3,000 bbls/d after being flow tested at rates approaching 10,000 bbls/d
November 2021
- Announces acquisition of remaining 10% of Lemang PSC onshore Indonesia for US$0.26/boe of 2C resource, compared to the $0.70/boe acquisition cost Jadestone paid for its original 90% interest in the project in 2020.
December 2021
- Signs Gas Sales Agreement for the Akatara gas field
- Achieves year-end target of producing 20,000 boe/d, driven by strong performance from the Montara H6 infill well and initial flows from Skua-11 following successful workover
- Announces departure of Chief Financial Officer, Daniel Young
2020
March 2020
- Announced measures to maintain the Company’s strong balance sheet, including a delay of the Vietnam Nam Du and U Minh development, resulting in a circa US$90mm reduction to its 2020 capital guidance. Expected first gas date for the project will be no earlier than late 2022.
- De-listed from the Toronto Stock Exchange – Ventures.
June 2020
- Granted relief from certain Canadian disclosure obligations, generally consistent with the relief granted to a designated foreign issuer. Financial information to be reported semi-annually, point forward. Reserves reporting practices unchanged.
- Executed an agreement to acquire a 90% operated interest in the Lemang PSC, onshore Indonesia for initial headline cash consideration of US$12 million.
September 2020
- Declared a maiden interim dividend of 0.54 US cents/share, a total distribution of US$2.5 million, in line with guidance for the year of a full year dividend of US$7.5–12.5 million, split approximately one-third/two-thirds between interim/final.
November 2020
- Announced a full and final settlement of a dispute in respect of Block 05-1 PSC, offshore Vietnam.
- Announced the voluntary relinquishment and termination of Service Contract 56, offshore Philippines.
2019
August 2019
- Australia’s upstream regulator NOPSEMA accepted Jadestone’s safety case for the Montara project. Operatorship was formally transferred to Jadestone.
- Completed an innovative Riserless Light Well Intervention programme at Montara to restore gas-lift to key subsea wells and access additional reservoir sands.
September 2019
- Installed replacement subsea umbilical cables at the Montara complex.
- Announced the adoption of a dividend policy, targeting a 2020 maiden full year dividend in the range of US$7.5 million and US$12.5 million.
November 2019
- Executed a definitive Sale and Purchase Agreement to acquire the Maari Project, offshore New Zealand for headline cash consideration of US$50 million.
2018
January 2018
- Hedged 350,000 bbls of crude oil in H1 2018 at US$64.60/bbl, and 350,000 bbls of crude oil H2 2018 at US$65.00/bbl.
- Wins APAC New Entrant of the Year award from the Oil & Gas Council.
February 2018
- Jadestone and Pertamina appointed to temporarily manage the Ogan Komering working area for up to six months, while finalising a new Gross Split PSC.
May 2018
- Gross Split Production Sharing Contract for Ogan Komering awarded to Pertamina. Jadestone in business-to-business negotiations to define ongoing joint venture participation.
- Outline Development Plan approved for Nam Du and U Minh fields in Vietnam. FEED and gas sales agreement negotiations begin.
July 2018
- Executed a definitive Sale and Purchase Agreement to acquire the Montara Oil Project, offshore Australia for cash consideration of US$195 million.
- Announced a placing of new common shares to raise gross proceeds of US$95 million, a reserve based lending facility of US$120 million, and intent to apply for listing on AIM.
August 2018
- Completed the placing of common shares, upsized to US$110 million and cancelled the convertible debt instrument.
- Admission Document published, and trading begins on AIM.
September 2018
- Drew US$120 million from a senior secured lending facility. Completed the Montara project acquisition.
November 2018
- A maintenance and inspection shutdown rectified a significant inspection backlog and a number of notices of improvement issued to the operator. Production came back on stream on January 11, 2019.
2017
March 2017
- Announced withdrawal from the Bone production sharing contract offshore Indonesia.
- Closed the acquisition from Repsol of a 50% interest in the Ogan Komering Production Sharing Contract, Sumatra, Indonesia; David Lamb joins Jadestone as Indonesia Country Manager.
June 2017
- Announced planned executive leadership change; Paul Blakeley assumes role of CEO, Michael Horn becomes EVP Corporate and Business Development.
July 2017
- Completed the NOPSEMA regulatory process, Stag operatorship transferred to Jadestone.
October 2017
- Stag milestone average production rate exceeding 3,600 bbl/d.
November 2017
- Announced change in fiscal year end to December 31st.
- Announced intention to explore addition listing on the London Stock Exchange’s AIM market.
- Reported first ever quarterly positive gross profit, positive cash flow from operations.
December 2017
- Appointed Dennis McShane as Non-Executive Chairman of the board.
- Stag environmental plan accepted by NOPSEMA.
2016
June 2016
- Announced changes to the board of directors and senior
management; Paul Blakeley appointed as Executive Chairman, Michael Horn appointed Interim CEO; Paul Blakeley, Cedric Fontenit and David Neuhauser join the board. - New leadership team and board of directors reinforces the major shift in strategy, driven by a new leadership team and board of directors. The company’s approach is to establish itself as a leading oil and gas development and production company in the Asia Pacific region.
July 2016
- Agreed acquisition of Stag Oilfield.
- Closed private placement of 700,000 common shares.
August 2016
- Agreed acquisition of 30% working interest in the Blocks 05-1b and 05-1c Production Sharing Contract, offshore Vietnam, subject to a statutory pre-emption right held by Petrovietnam.
October 2016
- Announced pricing of private placement at $0.45.
November 2016
- Closed acquisition of Stag Oilfield.
- Announced closing of C$53million non-brokered private placement.
- Announced US$68 million new funding through combination of a non-brokered private placement and a convertible debt facility.
December 2016
- Appointed Dan Young as Chief Financial Officer.
- Mitra Energy Inc. changed its name to Jadestone Energy Inc., reinforcing a major shift in strategy.
