31 January, 2024

Trading update for the year ended 31 December 2023

Trading update for the year ended 31 December 2023

31 January 2024 – Singapore: Jadestone Energy plc (“Jadestone”, the “Group” or the “Company”), an independent upstream company focused on the Asia-Pacific region, provides a trading update for the year ended 31 December 2023. The financial information in this update has not been audited and may be subject to further review and change.


  • Record annual Group production for 2023 of 13,813 boe/d, representing c.20% year-on-year growth.
  • Net debt of c.US$4.2 million and available liquidity of c.US$220 million at 31 December 2023.
  • The Akatara development project is c.93% complete, with first gas and final acceptance of the Akatara Gas Processing Facility remaining on schedule for the second quarter of 2024.
  • All conditions precedent for the CWLH 2 acquisition have been satisfied, with the acquisition expected to close in mid-February 2024.

Paul Blakeley, President and CEO commented:

“We delivered 2023 operating and financial performance in line with guidance, finishing the year strongly with robust production performance from both Montara and PM323 in particular. We further diversified our business through the Sinphuhorm acquisition and the increased interest in the CWLH fields, as well as making significant progress towards first gas at Akatara.  

2024 is set to be a very important year of transition for Jadestone, with production expected to grow by c.55% year-on-year driven by first gas at Akatara, higher volumes from Malaysia and the completion of the CWLH 2 acquisition, all in turn adding significant diversification to our business.  Akatara remains on track for first gas in the second quarter of this year, maintaining great progress against the challenging fast-track schedule established at project sanction. CWLH 2 is expected to close in mid-February now that all conditions precedent have been met. Further growth beyond 2024 continues to be de-risked, through recent infill drilling success in Malaysia and, most notably, through last week’s signature of a heads of agreement for Vietnam gas sales.

The small end-year 2023 net debt position was achieved despite record levels of investment in Jadestone’s business, including the highest annual capital expenditure in Jadestone’s history. We will continue to manage our investment and expenditure with the aim of minimising leverage and maximising liquidity.

2023 Operating Performance[1]

Group production for 2023 of 13,813 boe/d represented 20% growth year-on-year and an annual record for Jadestone, driven by a full-year of production from the existing interest in the CWLH fields, approximately 10 months of Sinphuhorm production and an increase at Stag following the successful infill drilling campaign in late 2022. This was offset by a reduced contribution from Montara due to the shut-ins during 2023 for tank repairs and natural decline at the PenMal assets, albeit with both Montara and PenMal performing strongly into the end of the year. 2023 production was just above the top end of the implied annual 2023 guidance range of 12,600-13,700 boe/d (based on issued guidance from April – December 2023 of 13,500-15,000 boe/d).

Oil liftings were lower year-on-year, primarily due to the shut-ins at Montara. Gas liftings were lower due to natural declines at the PM329 asset offshore Malaysia.

2023 Financial Performance[2]

The average oil price realisation for 2023 was impacted by the year-on-year decline in Brent prices, with the average premium to Brent for liftings broadly mirroring the fall in Brent oil prices. Revenues in 2023 reflect the trends in liftings and realisations highlighted above, and an expected outflow of US$10.3 million related to Q4 2023 oil price hedging.

Overall, 2023 production costs of US$256.6 million were towards the lower end of the 2023 guidance range of US$245-285 million (split between underlying operating expenses of US$180-210 million and US$65-75 million of non-recurring items and costs not associated with production (such as well workovers and transportation).

Total production costs increased by c.US$37 million year-on-year, largely explained by higher workover activity and tanker costs at Stag (+US$16 million), a full-year of production at CWLH (+US$14 million), shuttle tanker operations at Montara (+US$14 million) and a charge relating to decommissioning activity on the Company’s formerly non-operated interests offshore Malaysia (+US$13 million), offset by lower supplementary charge payments in Malaysia (-US$15 million). The 2023 production cost disclosures above are preliminary, subject to review and change, and do not include any impact from the change in inventory and lifting position over 2023.

2023 capital investment of c.US$117.0 million was at the midpoint of the guidance range of US$110-125 million, with c.US$83 million spent in Indonesia on the Akatara development, c.US$28 million on the East Belumut drilling campaign in Malaysia with the remainder comprising minor investment activity across several assets.

Net debt of US$4.2 million at 31 December 2023 reflects c.US$153 million of consolidated Group cash balances (restricted and unrestricted cash) and c.US$157 million of debt drawn at end-2023 under the Company’s reserves-based lending (“RBL”) facility.

Available liquidity at year-end 2023 totalled c.US$220 million, reflecting unrestricted cash balances, undrawn RBL balances (based on the current borrowing base) and the undrawn working capital facility.

The Group’s 2024 production, operating costs and capital expenditure guidance remain unchanged from the announcement on 15 January 2024:

  • Production: 20,000 – 23,000 boe/d, a c.55% increase on 2023 at the midpoint.
  • Operating costs: expected to total US$240-290 million (excluding forecast royalties and carbon taxes totalling c.US$30 million), essentially flat year-on-year on a comparable basis and which would represent a c.30% year-on-year reduction on a unit cost basis due to increased production of lower cost barrels.
  • Capital expenditure: expected to total US$80-110 million.
  • Other cash expenditure: expected to total c.US$77 million on a net basis, primarily relating to the abandonment trust fund payments associated with the CWLH 2 acquisition. These are expected to be largely funded through revenues from the next two liftings attributable to the CWLH 2 interest.

Akatara Update

The Akatara development project is currently 93% complete. Approximately 1,850 workers are currently on site, with c.4.7 million safe manhours for the Akatara project worked to date.

First gas and final acceptance of the Akatara Gas Processing Facility remains on schedule for the second quarter of 2024.

Construction of the sales gas pipeline is approximately 93% complete, including all canal crossings.

The workover of the Akatara-B2 well was successfully completed in mid-January 2024, with the Akatara-A4 well workover in progress. The workover programme on the five existing wells, which will provide the raw gas feed into the Akatara Gas Processing Facility, is expected to complete by end-March 2024.

CWLH 2 Acquisition

The Company is pleased to announce that all conditions precedent to the CWLH 2 acquisition, originally announced in November 2023, have now been satisfied. As a result, the acquisition is expected to close in mid-February 2024.

Malaysia Licence Award

As part of the recent Malaysia Bid Round, Jadestone was awarded the PM428 PSC as operator with a 60% interest, with the joint venture partner being Petronas Carigali.

The PM428 PSC represents potential upside in the event that Jadestone is successful in its application for the Puteri Cluster (previously known as the PNLP assets), since it not only surrounds the Puteri Cluster, but is also in close proximity to the Jadestone operated PM323 and PM329 PSCs. The PM428 award carries a minimal financial commitment to reprocess some existing seismic. A decision on the Puteri Cluster is expected around mid-year 2024 as part of the Malaysia Bid Round Plus.


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About Jadestone Energy

Jadestone Energy plc is an independent oil and gas 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 at Akatara in Indonesia and Nam Du/U Minh in Vietnam, 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

This announcement does not contain inside information.


[1] Totals may not add due to rounding. The Group’s 2023 liftings do not include any contribution from the Sinphuhorm asset, which will be treated as an investment in associate and hence equity accounted in the Group’s consolidated financial statements.

[2] Totals may not add due to rounding. The Group’s 2023 revenues, operational and capital expenditures do not include any contribution from the Sinphuhorm asset, which will be treated as an investment in associate and hence equity accounted in the Group’s consolidated financial statements.

[3] Non-recurring items and certain costs such as workovers, transportation. The estimate for 2023 includes expenditure associated with non-producing assets offshore Malaysia, but in 2022 these costs are included in underlying operating expenses as those assets were producing for part of that year. The total of non-recuring items and excluded costs is included in the reported production costs in the Group’s statement of profit or loss.

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