Earnings release
Page 1
H1 2025 Trading tatement Releaed: Jul 24, 2025 RN Numer : 3221 Jadetone nerg PLC 24 Jul 2025 Trading tatement for the Half-Year nded 30 June 2025 Record production during H1 2025 drive upgrade to production guidance 24 Jul 2025 - ingapore: Jadetone nerg plc (AIM:J) (the "Compan" and together with it uidiarie, "Jadetone" or the "Group") announce a trading update for the half-ear ended 30 June 2025. The financial information in thi update i unaudited and ma e uject to further review and change. Dr. Adel Chaouch, xecutive Chairman of Jadetone, commented: "I am pleaed to report on a trong firt half of 2025, where we delivered on the commitment we et out at the end of 2024. Operational excellence i a trategic priorit for Jadetone. Firt half production growth of over 20% ear- on-ear wa driven primaril outperformance at Akatara and delivered depite the challenge at the kua-11T well. Financial dicipline i our other ke focu, with unit operating cot reduced nearl 30% ear-on-ear. A a reult, we have upgraded our production guidance and reduced our operating cot guidance toda. Our financial poition alo improved during the period. Incorporating June lifting proceed received in earl Jul, net det more than halved over the firt half of the ear, alo enefiting from the ale of our Thailand aet in April 2025, which accelerated value and cahflow for hareholder a we focued our growth on Jadetone' core operated poition in Autralia , Indoneia , Malaia and Vietnam . We are uilding more efficienc and reilience in our exiting production ae, which trengthen the foundation of our uine ahead of further growth in the Aia-Pacific region . Depite thi poitive performance in the firt half of 2025, Jadetone' hare price continue to trade at a deep dicount to net aet value. We will continue to focu on creating value for hareholder to enure that the potential of our aet i fairl reflected in our hare price." T. Mitch Little, Chief xecutive Officer of Jadetone, commented: "We have upgraded production guidance and reduced operating cot guidance, which are a trong reflection of our ongoing work to optimize the value of our exiting aet, and in turn will poitivel impact our 2025 cah generation. Through the comined enefit from thee effort, we full expect to
Page 2
mitigate the increae in our 2025 capex guidance, which i revied toda due to the previoul dicloed one-off increae in the kua-11T well cot. We expect that thee trend will continue to enefit our hareholder eond the current ear, while alo enuring that we maintain our teadfat commitment to protecting our people, our aet, and the environment. At the kua-11T well, we have made good progre, with all completion equipment now intalled and demoilization of the drilling rig commencing. The well i in the proce of eing tied-in to the Montara production facilitie, with production expected to commence in earl Augut. We remain confident that the high-qualit reervoir ection interected the well hould deliver initial production aove the 3,500 l/d rate guided prior to drilling. " Guidance Update · Following the trong firt half 2025 production performance, and econd half contriution expected from the kua-11T well, 2025 production guidance i increaed to 19,500-21,500 oe/d (from 18- 21,000 oe/d), reflecting an increae of 1,000 oe/d at the midpoint of the range. · Given the trong focu on cot control in the firt half of the ear, the 2025 operating cot range i reduced to U$240-280 million (from U$250-300 million ), reflecting a reduction of U$15 million at the midpoint of the range. · A previoul dicloed, the cot of the kua-11T drilling program will exceed previou forecat, partl due to factor outide of Jadetone' control. A a reult, 2025 capital expenditure guidance i revied from U$75-95 million to U$105-115 million , reflecting an increae of U$25 million at the midpoint of the range. Learning from the kua-11T drilling campaign will e integrated into the planning of an future well in the kua area, a part of Jadetone' roader focu on driving operational excellence to improve project deliver. · The Group' 2025-2027 free cah flow (pre det ervicing) guidance [1] of U$270-360 million i unchanged. H1 2025 Operation Update · Continued excellent afet and environmental performance acro the Group, with Autralia , Malaia and Indoneia operation achieving an aggregate cumulative 11.7 million manhour lot-time injur free. · H1 2025 average production of 20,368 oe/d (H1 2024: 16,867 oe/d), repreenting 21% growth ear- on-ear and a Group record for the firt half of the ear. ¡ trong performance from Akatara in the firt half ha underpinned Group production, with gro average Akatara production ahead of plan at 5,771 oe/d, driven 96% uptime at the proceing facilitie and optimization of plant throughput. · H1 2025 operating cot [2] of U$112.8 million (H1 2024: U$125.7 million ), a reduction of 10% ear-on- ear. ¡ The reduction in operating cot and production growth ear-on-ear delivered a H1 2025 unit operating cot of U$32.00 /oe, a reduction of 29% ear-on-ear (H1 2024: U$45.21 /oe). ¡ Thi outtanding performance reflect the Group' ongoing focu on enhancing operating margin and increaing the Group' reilience acro a road range of commodit price. H1 2025 Portfolio Update · On 16 April 2025, the Group announced the divetment of it interet in the inphuhorm field onhore Thailand for a total conideration of U$39.4 million , with a further U$3.5 million in cah paale contingent on future licence extenion. The aet wa originall acquired in Feruar 2023 for U$27.8 million . The comination of the divetment proceed and the U$12.5 million in dividend from inphuhorm during the period of ownerhip repreent a 44% return on acquiition. · The proceed from the ale of the interet in the inphuhorm field were primaril ued to atif a cheduled repament of the Group' Reerve-aed Lending ("RL") facilit, improving the Group' alance heet. H1 2025 Financial Update[3]
Page 3
· H1 2025 revenue (pot-hedging) of U$228.2 million (H1 2024: U$185.1 million ), an increae of 23% ear-on-ear. · The average realized price for oil lifting in H1 2025 wa U$77.45 /l, a 13% reduction on H1 2024. ¡ The ear-on-ear decreae primaril reflect the fall in the underling rent enchmark during the period. The average premium for oil ale during H1 2025 reduced from U$4.59 /l to U$3.64 /l, tracking the fall in rent. · The average realization for condenate and LPG ale from Akatara during the period wa U$49.82 /oe, reflecting pricing enchmark le tranportation cot. The average ga price realization during the period wa U$5.59 /mcf (H1 2024: U$1.64 /mcf), reflecting a full period of ale from the Akatara field. · H1 2025 capital expenditure of U$69.6 million (H1 2024: U$51.1 million ), the majorit of which relate to the kua-11T drilling campaign offhore Autralia . · Net det at 30 June 2025 wa U$107.6 million (31 Decemer 2024: U$104.8 million ), compriing U$59.2 million of cah (including retricted cah) and U$166.7 million of det. The net det figure at 30 June 2025 exclude U$62.5 million from June 2025 lifting received in earl Jul 2025. [4] · In April 2025, the Group cloed a U$30.0 million working capital facilit with a maturit date of 31 Decemer 2026. · The Group ha recentl entered into hedge covering 1.8 million arrel of oil production over the 12 month ending 30 eptemer 2026, at an average rent price of U$69.92 /l (excluding premium). ummar[5] H1 2025 H1 2024 Group production oe/d 20,368 16,867 Lifting - Oil, condenate and LPG million l 2.9 2.2 - Ga cf 3.5 0.6 Average oil price realization U$/l 77.45 88.73 - rent U$/l 73.81 84.14 - Premium U$/l 3.64 4.59 Average ga price U$/mcf 5.59 1.64 Revenue (pot hedging) U$ million 228.2 185.1 Total operating cot U$ million 112.8 125.7 Capital expenditure U$ million 69.6 51.1 30 June 2025 31 Decemer 2024 Crude inventor [6] l 113,809 324,573 Net underlift [7] l 303,061 392,166 Net det U$ million 107.6 104.8 -end- For further information, pleae contact: Jadetone nerg plc
Page 4
Phil Corett, Head of Invetor Relation +44 (0) 7713 687467 ( UK) ir@jadetone-energ.com tifel Nicolau urope Limited (Nomad, Joint roker) +44 (0) 20 7710 7600 ( UK) Callum tewart Jaon Groman Ahton Clanfield erenerg (Joint roker) +44 (0) 20 3757 4980 ( UK) Ciaran Walh Dan Gee-ummon Yamina enchekroun Camarco (Pulic Relation Advior) +44 (0) 203 757 4980 ( UK) ill Clegg je@camarco.co.uk Georgia dmond Popp Hawkin Aout Jadetone nerg Jadetone nerg plc i an independent uptream compan focued on the Aia-Pacific region. It ha a alanced and increaingl diverified portfolio of production and development aet in Autralia, Malaia, Indoneia and Vietnam, all tale juridiction with a poitive uptream invetment climate. The Compan i puruing a trateg to grow and diverif the Compan' production ae oth organicall, through development uch a Nam Du/U Minh in Vietnam and the Puteri Cluter offhore Malaia, a well a through acquiition that fit within Jadetone' financial framework and pla to the Compan' trength in managing maturing oil aet. Jadetone deliver value in it acquiition trateg enhancing return through operating efficiencie, cot reduction and increaed production through further invetment. Jadetone i a reponile operator and well poitioned for the energ tranition through it increaing ga production, maximiing recover from exiting rownfield development and through it Net Zero pledge on cope 1 & 2 GHG emiion from operated aet 2040. Thi trateg i aligned with the IA Net Zero 2050 cenario, which tree the neceit of continued invetment in exiting uptream aet to avoid an energ crii and meet demand for oil and ga through the energ tranition. Jadetone nerg plc (LI: 21380076GWJ8XDYKVQ37) i lited on the AIM market of the London tock xchange (AIM: J). The Compan i headquartered in ingapore. For further information on the Compan pleae viit www.jadetone-energ.com . The information contained within thi announcement i conidered to e inide information prior to it releae, a defined in Article 7 of the Market Aue Regulation No. 596/2014 which i part of UK law virtue of the uropean Union (Withdrawal) Act 2018. [1] aed on a rent oil price range of U$70-80 /l (real term from 2025). Aume midpoint of internal production expectation and that all arrel produced during 2025-27 are old in the period. Doe not reflect an capital expenditure or aandonment pend outide the Group' producing aet. Incorporate upfront conideration from the ale of the Group' aet in Thailand on 16 April 2025. [2] H1 2025 operating cot exclude non-cah inventor and lifting adjutment. To allow for comparailit with H1 2025, non-cah inventor and lifting adjutment are excluded from the H1 2024 figure dicloed in the tale. oth H1 2024 and 2025 operating cot dicloed in the tale include certain cot previoul claified a general and adminitrative cot. [3] Total ma not add due to rounding.
Page 5
[4] The Group' net det and liquidit remain uject to everal factor, particularl the timing of receipt from oil and ga ale, capital expenditure and cheduled repament under the Group' RL facilit. [5] Total ma not add due to rounding. The Group' lifting do not include an contriution from the inphuhorm aet, which wa treated a an invetment in aociate and hence equit accounted in the Group' conolidated financial tatement prior to it ale in April 2025. [6] Net Montara and tag inventor a at 30 June 2025 [7] Net CWLH and Peninular Malaia underlift a at 30 June 2025 Thi information i provided RN, the new ervice of the London tock xchange. RN i approved the Financial Conduct Authorit to act a a Primar Information Provider in the United Kingdom. Term and condition relating to the ue and ditriution of thi information ma appl. For further information, pleae contact rn@leg.com or viit www.rn.com . RN ma ue our IP addre to confirm compliance with the term and condition, to anale how ou engage with the information contained in thi communication, and to hare uch anali on an anonmied ai with other a part of our commercial ervice. For further information aout how RN and the London tock xchange ue the peronal data ou provide u, pleae ee our Privac Polic . ND TTMZGZNLFLGKZM