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Half-Year 2026 Results Presentation CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY August 2026
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DISCLAIMER 2 The content of the Presentation has not been approved by an authorized person within the meaning of the Financial Services an d Markets Act 2000, as amended (“FSMA”). Reliance on the Presentation for the purpose of engaging in any investment activity ma y expose an individual to a significant risk of losing all of the property or other assets invested. Any person who is in any d oubt about the subject matter to which the Presentation relates should consult a person duly authorized for the purposes of FSMA who specializes in the acquisition of shares and other securities Forward looking statements and information This announcement may contain certain forward-looking statements with respect to the Company’s expectations and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information. Th ese statements are made by the Company in good faith based on the information available at the time of this Presentation, but suc h statements should be treated with caution due to inherent risks and uncertainties. These statements and forecasts involve ri sk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forwar d- looking statements and forecasts. The statements have been made with reference to forecast price changes, economic condition s and the current regulatory environment. Nothing in this Presentation should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws. Oil, natural gas and natural gas liquids information The oil, natural gas and natural gas liquids information in this Presentation has been prepared in accordance with the Societ y of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum Resource Management System (“PRMS”). A. Shahbaz Sikandar of Jadestone Energy plc, Group Subsurface Manager with a Master’s Degree in Petroleum Engineering and a member of the Society of Petroleum Evaluation Engineers with over 30 years experience in the energy industry, has read and approved the technical disclosure in this presentation. Presentation Certain figures contained in this Presentation, including financial and oil and gas information, have been subject to roundin g adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in the Presentation may not conform exactly with the total figure given. All currency is expressed in US dollars unless otherwise directed. This document has been prepared in compliance with English Law and English courts will have exclusive jurisdiction over any disputes arising fr om or connected with this document. You must read the following before continuing. The following applies to this document, the presentation of the information in this document any question‐and‐answer session that may follow, and any additional documents handed out at the presentation (collectively, the "Presentation"). In viewing the Presentation, you agree to be bound by the following terms and conditions and you represent that you are able to view this Presentation without contravention of any legal or regulatory restrictions appli cable to you. Jadestone Energy plc (the “Company“ or “Jadestone“) has issued this presentation and has provided the information in the Presentation, which it does not purport to be comprehensive and which has not been fully verified by the Company, or any of i ts employees. shareholders, directors, advisers, agents or affiliates. Neither the Company nor any of its shareholders, director s, officers, agents, employees or advisors give, have given or have authority to give, any representations or warranties (expres s or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (al l such information being referred to as "Information") and liability therefore is expressly disclaimed to the fullest extent permitt ed by applicable law. Accordingly, neither the Company, nor any of its shareholders, directors, officers, agents, employees or advi sers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortio us, statutory or otherwise, in respect of, the fairness, accuracy, reliability, completeness or correctness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements (negligent or otherwise) or for any other communication, written or otherwise, made to anyone in, or supplied with, the Presentation to the fullest extent permitted by applicable law. This Presentation is for information purposes only and should not be considered as the giving of investment, tax, legal or ot her advice or recommendation by the Company, or by any of its respective shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute or form part of any invitation or inducement to engage in any investment activity nor shall it form a recommendation or inducement to or form part of any offer or invitation to sell or is sue, or any solicitation of any offer to purchase or subscribe for any securities or any business or assets of the Company describ ed herein in the United Kingdom, the United States of America (“United States”) or any other jurisdiction. Neither this Presenta tion nor anything contained herein shall form the basis of, or be relied in any connection with, any contract or investment decisi on or any commitment whatsoever. The reader must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, no representation or warranty is given as to the achievement or reasonableness of any future projections, management estimates, prospects or returns and any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. Accordingly, neither the Company nor its shareholders, directors, advisers, agents or affiliates shall be liable for any direct, indirect or consequential loss or dam age suffered by any person as a result of relying on any statement or omission in, or supplied with, the Presentation or in any f uture communications in connection with the Company to the fullest extent permitted by applicable law. The information in the Presentation is made as of the date hereof and the Company undertakes no obligation to provide the reader with access to any additional information or to correct any inaccuracies herein which may become apparent save as may be required by applicable law or the AIM Rules for Companies. This Presentation may not, except in compliance with any applicable exemption under applicable securities law, be taken or transmitted into any jurisdiction or distributed to any person resident in any jurisdiction. The distribution of this Presentation in or to persons in a jurisdiction may be restricted by l aw and persons into whose possession this Presentation comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. Statements contained in the Presentation describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements. August 2026 Half Year 2026 Results Presentation
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H1 2026 SUMMARY Half Year 2026 Results Presentation 3 August 2026 H1 2026 Production Split2) = Jadestone operated FDP approval and signed GSPA for Nam Du/U Minh development Oil Gas 69% 19% 12% LPG Debt refinancing via materially oversubscribed debut Nordic bond issue Aggregate 13.6 million manhours lost-time injury free across Group operations Vietnam farm-out offers shortlisted; progressing to final negotiations Operational and financial performance impacted by Stag and CWLH downtime: defined path to resumption of production
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(US$ million) 30 June 2026 30 June 2025 Net debt(3) 25.7 107.7 H1 2026 OPERATIONAL AND FINANCIAL SUMMARY 4 August 2026 Half Year 2026 Results Presentation (US$ million) unless stated H1 2026 H1 2025 Production (boe/d) 15,282 20,368 Lifted volumes (million boe) 3.4 3.5 Realized oil price (US$/bbl) 90.4 77.5 Realized gas price (US$/mcf) 6.0 5.6 Revenues (pre hedging) 261.1 231.0 Field operating costs(1,2) 122.3 96.6 Adjusted unit operating cost(2) (US$/boe) 37.6 26.3 Adjusted EBITDAX 101.6 100.6 (Loss)/profit after tax (4.8) 37.6 Net cash from operations 97.2 53.8 Capital expenditure 35.0 69.4 Selected operational and financial metrics (1) Field operating costs are reported production costs less non-cash inventory adjustments and royalties (2) Certain H1 2025 comparative information has been reclassified. Please see the H1 2026 results statement for more information (3) Includes restricted cash (4) Repairs and maintenance ⚫ Revenues +13% to US$261.1 million (pre hedging) – Higher oil (+17%) and gas realizations (+7%) offset by slight decrease in liftings – Strong Q1 production supported H1 lifted volumes ⚫ Production impacted by unplanned downtime at Stag and CWLH – Remedial work commenced at CWLH; return to production around end of Q3 2026 – Replacement CALM buoy secured, Stag production restart anticipated in Q2 2027 ⚫ Field operating costs increase with non-recurring events at CWLH and Stag – Completed five yearly dry dock and subsea inspection campaign at CWLH – CALM buoy related R&M(4) costs offset by reduced operating activity at Stag; increased logistics costs at Montara – Adjusted unit operating costs impacted by lower production y-o-y ⚫ Adjusted EBITDAX of US$101.6 million ⚫ Significant reduction of capital expenditure – PenMal Phase 9 drilling campaign >20% below budget ⚫ Net debt US$25.7 million as of 30 June 2026
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97 122 11 12 12 30 0 20 40 60 80 100 120 140 160 180 H1 2025 H1 2026 97 14 6 3 2 1 122 0 20 40 60 80 100 120 140 H1 2026 PRODUCTION COST ANALYSIS 5 August 2026 Half Year 2026 Results Presentation (1) Field operating costs include operations, workovers, logistics, repairs and maintenance, and tariffs and transportation costs. Excludes royalties and inventory movements (2) Peninsular Malaysia assets, PM323, PM329 and Puteri Cluster Reported production costs: H1 2026 vs. H1 2025 H1 2025(1) H1 2026(1) Field operating costs – bridge from H1 2025 to H1 2026 US$ million US$ million 120 164 Primarily non- recurring costs associated with five-yearly Okha FPSO dry-dock Focus on cost efficiencies and margin enhancementNon-recurring factors and non-cash inventory charges impact H1 2026 production costs Field operating costs Royalties Non-cash other (incl. inventory charges CWLH Stag CALM buoy costs (covered by insurance) PenMal(2) Akatara Montara & Stag (excl. CALM buoy costs) ~US$6 million non-recurring CALM buoy recovery costs (covered by insurance) Higher logistics costs and FX moves offset by Stag activity reductions (due to shut-in)
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60.9 97.2 (31.6) 20.6 194.9 (150.0) (17.6) 174.3 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 US$ million Cash at 1 Jan 2026 Cash from operations H1 2026 CASH BRIDGE 6 August 2026 Half Year 2026 Results Presentation Reconciliation of cash from 1 January 2026 to 30 June 2026(1) Operating cash flows Investing cash flows Financing cash flows (1) Totals may not add due to rounding. Some of the groupings in the chart above represent a recategorization of the H1 2026 consolidated statement of cash flows Other investing cashflows Cash capex RBL principal repayment Net proceeds of Nordic bond issue Cash at 30 June 2026 Operations and portfolio management drive robust cash generation Debt refinancing contributes to significant cash position at 30 June 2026 Other financing cashflows
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60.0 65.0 70.0 75.0 80.0 85.0 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Q3 2026 Q4 2026 Q1 2027 Hedged volume Hedge price (excl. premiums) - RHS (1) Consolidated Group cash includes restricted cash SUCCESSFUL REFINANCING OF RBL VIA DEBUT NORDIC BOND OFFER 7 August 2026 Half Year 2026 Results Presentation Liquidity position at 30 June 2026(1) US$ million Current hedging schedule Barrels US$/bbl Consolidated Group cash(1) Working capital facility Total liquidity 174.3 30.0 204.3 0.0 50.0 100.0 150.0 200.0 250.0 • US$200 million 12% Nordic bond issued in March 2026, successfully refinancing the Group’s RBL facility • Over US$200 million of available liquidity at the end of June 2026 – Working capital facility remains in place with 31 December 2026 maturity • Prudent hedging policy to protect operational cost base – ~1.3 million barrels hedged over the nine months ending March 2027 at a weighted average price of US$74.13/bbl – Represents ~35% of forecast oil and condensate production over the period
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⚫ Encountered up to 14 metres of oil column in the SW target area ⚫ Well placement optimized near top of high-quality reservoir for maximum recovery ⚫ Wells successfully completed with AICDs and AICVs(1) ⚫ Drilled record Malaysia ERD ratio(2) well PM323 SOUTHWEST FIELD AREA DELINEATED AND SUCCESSFULLY DEVELOPED 8 August 2026 Half Year 2026 Results Presentation EBA-18ST3 EBA-07ST1 EBA-19ST2 (1) AICD: Autonomous inflow control device, AICV: Autonomous inflow control valve (2) ERD: Extended reach drilling; ERD ratio measures the horizontal distance from the surface location divided by the true vertic al depth of the well
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PM323 PRODUCTION IMPACT BASE PRODUCTION (Pre Phase 9) 4.0 kbopd POST PHASE 9 FIELD TARGET RATE (SW1, SW2, WO) 10.2 kbopd POST PHASE 9 ACTUAL PRODUCTION (SW1, SW2, SW3, WO) 13.1 kbopd (+228%) TOTAL INCREASE (Post Phase 9) 9.1 kbopd TD at 5,473 metres Longest East Belumut well Up to 14 metres of oil encountered THREE ERD WELLS DRILLED WITH AN 8,500 BOPD AGGREGATE GAIN 9 August 2026 Half Year 2026 Results Presentation 3,200 bopd EBA-18ST3 (SW1) INITIAL OIL GAIN: TD at 4,866 metres 1,200 m Up to 12 metres of oil encountered 8,500 bopd aggregate gain delivered at >20% below budget 2,800 bopd EBA-07ST1 (SW2) INITIAL OIL GAIN: 930 m 2,500 bopd EBA-19ST2 (SW3) INITIAL OIL GAIN: 800 m TD at 5,125 metres Up to 11 metres of oil encountered ERD: Extended reach drilling
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VIETNAM: STRONG MOMENTUM TOWARDS FID IN LATE-2026 10 August 2026 Half Year 2026 Results Presentation Field development plan approval in March 2026 Significant de-risking of highly accretive organic growth project Gas sales agreement signed in April 2026 Farm-out offers shortlisted; progressing to final negotiations Project remains on track for FID by end 2026 Nam Du/U Minh FPSO schematic ~32 MMboe of 2P reserves (100% W.I. basis) booked for initial phase EPCI FPSO contractor approved by Petrovietnam in August EPCI field facilities contractor recommendation submitted to Petrovietnam in August
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OPERATIONS UPDATE (1) – AKATARA AND MONTARA 11 August 2026 Half Year 2026 Results Presentation ⚫ H1 2026 production of 4,195 bopd ⚫ Re-injection compressor overhaul completed – 30% increase in throughput; payout in ~6 months – Reduced flare volumes by >100,000 tonnes CO2e/year – Incremental gas lift yielding 250 bopd production gain ⚫ Montara gas development studies advanced from conceptual to appraisal phase ⚫ H1 2026 production of 5,590 boepd (~50:50 gas:liquids) ⚫ ~9.5 million manhours worked without an LTI ⚫ Production has averaged ~6,400 boepd since completion of inlet compressor repairs in April 2026 ⚫ Post repairs uptime >98% Akatara gas processing facility Montara gas re-injection compressor engine change out
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OPERATIONS UPDATE (2) – STAG AND CWLH 12 August 2026 Half Year 2026 Results Presentation ⚫ Okha FPSO dry-dock successfully completed in H1 2026 ⚫ Routine subsea survey in May identified gas export riser J-tube anomaly – CWLH operator's repair plan approved by regulator – Repair method trialed onshore with mock-up (image above) to de-risk offshore operation ⚫ Production expected to restart around the end of Q3 2026 ⚫ Replacement CALM buoy secured, final inspections underway ⚫ Targeting restart of production in Q2 2027 ⚫ Total CALM buoy retrieval/replacement cover: ~US$30 million ⚫ Business interruption coverage through May 2027 ⚫ Initial insurance proceeds of ~US$12 million expected in Q3 2026 Replacement Stag CALM buoy option (undergoing due diligence) Onshore dry-run of CWLH subsea riser J-tube repair
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Metric Guidance Comments Group production 16,000 - 18,000 boepd • Unchanged from July update • Reflects CWLH FPSO reconnection delays and Stag cyclone shut-in impacts Total production costs(1) US$260 - 300 million • Unchanged • Outcome in upper end of range expected primarily due to FX, fuel costs and royalties Capital expenditure US$50 - 80 million • Unchanged • Primarily Malaysia drilling capex • Excludes any Vietnam development capex 2025-27 free cash flow(2) US$200 - 240 million at US$70/bbl Brent • Unchanged Vietnam FDP approval Refinance RBL Vietnam GSPA approved Okha drydock complete PM323 drilling campaign Capture inorganic growth opportunities 2026 GUIDANCE AND PRIORITIES 13 (1) Total production costs include lease payments related to operating activities and are stated prior to audit adjustments inclu ding non-cash inventory movements (2) Does not reflect any capital expenditure or abandonment spend outside the Group’s producing assets. The 2025 -2027 free cash flow range will be formally reviewed in early 2027 as part of the Group’s annual planning cycle and reserves update. 2026 priorities August 2026 Half Year 2026 Results Presentation 13 August 2026 Ongoing
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JADESTONE’S INVESTMENT CASE 14 August 2026 Half Year 2026 Results Presentation Maximize cash flow through “Protecting the Base”: focus on improved uptime, coupled with safe and efficient operations Debt refinancing provides solid financial platform, allowing near- term cash generation to be directed towards growth Strong momentum behind Vietnam gas commercialization – FID expected by end 2026 Leverage differentiated operating platform to unlock the underlying value in the portfolio
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For further information, please contact: PHIL CORBETT Head of Investor Relations ir@jadestone-energy.com August 2026THANK YOU