Adquisición de la participación en el campo CWLH
Acquisition of Additional Interest in the CWLH Oil Fields
14 November 2023 - Singapur: Jadestone Energy plc ("Jadestone", or the "Company"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that it has executed a sale and purchase agreement with Japan Australia LNG (MIMI) Pty Ltd (the "Seller"), to acquire the Seller's non-operated 16.67% working interest in the Cossack, Wanaea, Lambert, and Hermes ("CWLH") oil fields development, offshore Western Australia, for a total initial cash consideration of US$9 million, and certain subsequent Abandonment Trust Payments (the "Acquisition"). The Acquisition will increase the Company's non-operated working interest in the CWLH fields from 16.67% currently to 33.33% on completion.
The Company will host an investor and analyst webcast at 09:00 GMT today to discuss the Acquisition, with the webcast details at the end of this announcement.
Paul Blakeley, presidente y director ejecutivo comentó:
"Since acquiring our initial CWLH interest in November 2022, the subsurface performance has exceeded expectations, validating our work and de-risking the significant upside potential we see across the fields. As such, we are pleased to be increasing our interest in a very high-quality, long-life asset with low decline rates at an attractive 2P acquisition cost of US$1.7/bbl, or less than US$1/bbl on a 2P + 2C basis. This acquisition also provides us with greater influence over investment decisions on an asset which is expected to be an important part of the Jadestone investment case for years to come.
We intend to fund the acquisition and associated abandonment trust payments through available liquidity, including our reserves-based lending facility, which was structured to accommodate Jadestone's growth by supporting the acquisition of producing reserves with significant upside potential. Our RBL banks are supportive of this acquisition and recognise the benefits that it will bring to our business, further diversifying our production base and adding barrels which are accretive on all measures. Flaring from the CWLH fields is minimised due to the export of associated gas to the neighbouring North West Shelf Gas facilities, reducing emissions intensity and further evidencing how our strategy of maximising recovery from existing upstream assets is consistent with our sustainability principles."
Puntos destacados de la adquisición
· The Acquisition includes the Seller's entire 16.67% working interest in the CWLH fields, subsea infrastructure, Okha FPSO, and full abandonment liabilities. Jadestone will make payments of up to US$111 million in connection with the Acquisition, comprising a consideration of US$9 million and up to US$102 million into the CWLH Abandonment Trust Fund in three instalments in 2024.
· Jadestone is acquiring 11.8 mmbbls[ 1 ] net, comprising 0.2 mmbbls of production since the effective date, 5.1 mmbbls of 2P Reserves and a further 6.5 mmbbls of 2C Resources (both as at 31 December 2022).
· Based on a consideration of US$9 million, this represents a 2P acquisition cost of ~ US$1.7/bbl and ~US$0.8/bbl on a 2P + 2C basis.
· It is anticipated that, due to an effective date of 1 July 2022, any completion adjustments will result in a payment to Jadestone in the range of US$3-6 million[ 2 ] on closing of the Acquisition, which is currently expected in Q1 2024. Any payment to Jadestone due to the completion adjustments will be paid by the Seller into the CWLH Abandonment Trust Fund, offsetting the first US$42 million instalment by the same amount (see immediately below).
· Jadestone will pay US$42 million into the Abandonment Trust Fund for the CWLH fields on completion of the Acquisition. Jadestone will also make two further payments into the Abandonment Trust Fund:
o A payment of US$23 million, payable on NOPTA[ 3 ] approval and registration of transaction documents exchanged at completion (currently projected for March 2024); and
o Up to US$37 million at 31 December 2024.[ 4 ]
· Jadestone intends that the Abandonment Trust Fund payments, which are projected to broadly coincide with receipts from liftings attributable to the Seller's interest, are paid for through available liquidity including corporate cash balances and, pending lender consent, available liquidity in its reserves-based lending ("RBL") facility.
· The CWLH fields produced c. 2,200 bbls/d during Q3 2023 and have averaged c.1,800 bbls/d year-to-date 2023 (both figures net to the Seller's 16.67% interest). Production has regularly exceeded 2,300 bbls/d net to Jadestone in recent months. Year-to-date production was impacted by facilities downtime earlier in 2023, with remediation plans to prevent similar occurrences already being implemented.
· Oil production from the CWLH fields is low-sulphur and low-density. The next lifting allocated to the Seller's interest is estimated at c.650,000 bbls and is expected to occur in Q1 2024.
· Unit operating costs for the Seller's interest are estimated at
· Jadestone continues to believe that there is potential to add incremental reserves through infill drilling, targeting unswept oil across all four of the CWLH fields; and extending the asset life beyond 2031 (the initial design life of the Okha FPSO).
The following tables set out the 2P Reserves and 2C Resources for the Company's existing 16.67% interest in the CWLH fields, as independently evaluated by ERCE at an effective date of 31 December 2022. The 2C Resources represent forecasted oil production achieved by the extension of the Okha FPSO design life by 10 years to 1 October 2041, and the drilling of additional infill wells.
CWLH fields 2P reserves at 31 December 2022
Licencias | Terrenos | 2P Gross Reserves (mmbbls) | Working interest in the CWLH fields[ 5 ] | Net 2P reserves attributable to Jadestone (mmbbls) | Operador |
WA-3-L WA-9-L WA-11-L WA-16-L | Cosaco Wanaea Lambert Hermes | 30.3 | 16.67% | 5.1 | Woodside Energy Group Ltd. |
CWLH fields 2C Resources at 31 December 2022
Licencias | Terrenos | 2C Gross Resources (mmbbls) | Interés de trabajo | Net 2C Resources attributable to Jadestone (mmbbls) | Operador |
WA-3-L WA-9-L WA-11-L WA-16-L | Cosaco Wanaea Lambert Hermes | 39.0 | 16.67% | 6.5 | Woodside Energy Group Ltd. |
The entity acquiring the Seller's working interest is an obligor under the RBL facility agreement, which requires the RBL lenders' consent for the acquisition of the additional working interest. The RBL lenders have unanimously approved this acquisition and the Company intends to seek RBL lender consent to integrate the additional CWLH working interest into the RBL's borrowing base, although this is not a condition for the transaction. Subject to RBL lender consent, the additional CWLH working interest is expected to increase the RBL borrowing base and debt availability.
Sales from the CWLH fields are marketed individually by joint venture partners. The next lifting allocated to the Seller's interest is estimated at c.650,000 bbls and is expected to occur in Q1 2024. The CWLH fields differential to Brent has fluctuated between a premium and discount in recent years, largely driven by the regional naphtha crack margin. Jadestone currently expects a small discount to Brent for near-term liftings from the CWLH fields.
The Seller's interest includes Petroleum Resource Rent Tax ("PRRT") credits. Jadestone anticipates that these credits will offset any PRRT payable on the acquired interest through to the end of the asset's life. Jadestone has, and will continue to pay, PRRT and corporate income tax on its Australian operations where applicable.
The CWLH joint venture partners have waived their pre-emption rights and given their in-principle consent to the Acquisition (subject to agreement of the relevant accession documentation), thus reducing the conditionality of the transaction.
Completion of the Acquisition is subject to the satisfaction of customary closing conditions, including regulatory approvals from NOPTA and Australia's Foreign Investment Review Board. The Company anticipates completion of the transaction during the first quarter of 2024.
Webcast
The Company will host an investor and analyst presentation at 9:00 a.m. (GMT) to discuss the Acquisition, accessible through the link below:
Enlace de webcast: https://www.investis-live.com/jadestone-energy/654d0d6468b0a01300a107dd/hsrt
Título del evento: Acquisition of Additional Interest in the CWLH Oil Fields
Hora: 9:00 am (GMT)
Fecha: noviembre 14 2023
Para unirse a la presentación por teléfono, utilice los detalles de acceso telefónico a continuación para el Reino Unido o el enlace para obtener detalles de acceso telefónico global:
Reino Unido (local): +44 20 3936 2999
Reino Unido (llamada gratuita): +44 800 358 1035
Detalles de acceso telefónico global: https://www.netroadshow.com/events/global-numbers?confId=57933
Código de acceso: 751420
-veces-
Para más información, por favor póngase en contacto con:
Energía de piedra de jade plc | |
Paul Blakeley, presidente y director ejecutivo | +65 6324 0359 (Singapur) |
Bert-Jaap Dijkstra, director financiero Phil Corbett, Gerente de Relaciones con Inversionistas |
+44 (0) 7713 687467 (Reino Unido) |
| |
Stifel Nicolaus Europe Limited (Nomad, conjunto Broker) | +44 (0) 20 7710 7600 (Reino Unido) |
callum stewart | |
Jason Grosman | |
Campo de clanes de Ashton | |
| |
Jefferies International Limited (conjunto Broker) | +44 (0) 20 7029 8000 (Reino Unido) |
Will Soutar cameron jones | |
| |
Camarco (Asesor de Relaciones Públicas) | +44 (0) 203 757 4980 (Reino Unido) |
billy clegg | |
Andrés Turner Elfie Kent |
Acerca de Jadestone Energy
Jadestone Energy plc es una empresa independiente de petróleo y gas centrada en la región de Asia y el Pacífico. Tiene una cartera equilibrada y cada vez más diversificada de activos de producción y desarrollo en Australia, Malasia, Indonesia, Tailandia y Vietnam, todas jurisdicciones estables con un clima positivo de inversión upstream.
Dirigida por un equipo directivo experimentado con un historial de resultados, que fueron fundamentales para el crecimiento exitoso del negocio de Talisman Energy en Asia-Pacífico, la Compañía está siguiendo una estrategia para hacer crecer y diversificar la base de producción de la Compañía, tanto de manera orgánica, a través de desarrollos como en Akatara en Indonesia y Nam Du/U Minh en Vietnam, así como a través de adquisiciones que se ajustan al marco financiero de Jadestone y aprovechan las fortalezas de la Compañía en la gestión de activos petroleros en proceso de maduración. Jadestone aporta valor en su estrategia de adquisiciones al mejorar la rentabilidad a través de eficiencias operativas, reducciones de costos y aumento de la producción a través de mayores inversiones.
Jadestone es un operador responsable y está bien posicionado para la transición energética a través de su creciente producción de gas, maximizando la recuperación de desarrollos industriales abandonados existentes y a través de su compromiso Net Zero en emisiones de GEI de Alcance 1 y 2 de activos operados para 2040. Esta estrategia está alineada con la Escenario Net Zero de la AIE para 2050, que enfatiza la necesidad de una inversión continua en activos upstream existentes para evitar una crisis energética y satisfacer la demanda de petróleo y gas a través de la transición energética.
Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) cotiza en el mercado AIM de la Bolsa de Valores de Londres (AIM: JSE). La empresa tiene su sede en Singapur. Para obtener más información sobre la empresa, visite www.jadestone-energy.com.
Declaraciones de precaución
Este anuncio puede contener ciertas declaraciones prospectivas con respecto a las expectativas y planes, estrategia, objetivos de administración, desempeño futuro, producción, reservas, costos, ingresos y otra información de tendencias de la Compañía. Estas declaraciones son realizadas por la Compañía de buena fe con base en la información disponible en el momento de este anuncio, pero dichas declaraciones deben tratarse con precaución debido a riesgos e incertidumbres inherentes. Estas declaraciones y pronósticos implican riesgo e incertidumbre porque se relacionan con eventos y dependen de circunstancias que pueden ocurrir en el futuro. Hay una serie de factores que podrían causar que los resultados o desarrollos reales difieran materialmente de aquellos expresados o implícitos en estas declaraciones y pronósticos a futuro. Las declaraciones se han hecho con referencia a los cambios de precios previstos, las condiciones económicas y el entorno regulatorio actual. Nada en este anuncio debe interpretarse como una previsión de beneficios. No se puede confiar en el rendimiento pasado de las acciones como guía para el rendimiento futuro. La Compañía no asume ninguna obligación de actualizar públicamente la información, excepto que sea requerido de conformidad con las leyes aplicables.
La información técnica contenida en este anuncio ha sido preparada de acuerdo con las pautas de junio de 2018 respaldadas por la Sociedad de Ingenieros de Petróleo, el Congreso Mundial del Petróleo, la Asociación Estadounidense de Geólogos del Petróleo y la Sociedad de Ingenieros de Evaluación de Petróleo del Sistema de Gestión de Recursos de Petróleo.
A. Shahbaz Sikandar de Jadestone Energy plc, Group Subsurface Manager con una Maestría en Ingeniería de Petróleo, y quien es miembro de la Sociedad de Ingenieros de Petróleo y ha trabajado en la industria energética por más de 25 años, ha leído y aprobado el divulgación en este anuncio regulatorio.
La información contenida en este anuncio se considera información privilegiada antes de su publicación, según se define en el artículo 7 del Reglamento de abuso de mercado n.o 596/2014, que forma parte de la legislación del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018.
Glosario
Recursos 2C | recurso contingente de mejor estimación, que son las cantidades de hidrocarburos que se estima, en una fecha determinada, como potencialmente recuperables a partir de acumulaciones conocidas, pero que actualmente no se consideran comercialmente recuperables |
Reservas 2P | la suma de las reservas probadas y probables. Denota el escenario de mejor estimación de reservas |
Abandonment Trust Fund | the trust fund established by the operator of the CWLH fields, as trustee, to receive abandonment contributions from joint venture parties under the terms of the CWLH Project Agreement |
bbl | barril de aceite |
barriles/día | barriles por dia |
CWLH | Cossack, Wanaea, Lambert and Hermes oil fields |
FPSO | floating production storage and offloading vessel |
GEI | gas de efecto invernadero |
mmbbl | millones de barriles de petróleo |
NOPTA | National Offshore Petroleum Titles Administrator |
PRRT | Impuesto sobre la Renta de los Recursos Petroleros |
RBL | reserves based lending |
[ 1 ] Based on an independent evaluation of the CWLH fields at an effective date of 31 December 2022 by ERC Equipoise Pte Ltd and actual production figures for the period 1 July 2022 to 31 December 2022.
[ 2 ] The closing adjustment represents the economic benefits of production since the effective date and completion. These primarily reflect the proceeds of the Seller's 2023 equity lifting from CWLH fields less operating costs since the effective date and does not assume proceeds from the next lifting expected to occur in Q1 2024.
[ 3 ] National Offshore Petroleum Titles Administrator.
[ 4 ] Actual figure to be determined by an updated decommissioning cost estimate for the CWLH fields, which is currently being prepared by the operator.
[ 5 ] The production licences cover both CWLH and the North West Shelf Gas Project. Jadestone will be acquiring an interest in the production licences to the extent of CWLH only.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.