Actualización comercial para el año que finalizó el 31 de diciembre de 2023
Actualización comercial para el año que finalizó el 31 de diciembre de 2023
31 enero 2024 - Singapur: 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.
Destacados
· 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, presidente y director ejecutivo comentó:
"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 ]
|
| AF 2023 | AF 2022 |
Producción |
|
|
|
Producción grupal | boe / d | 13,813 | 11,487 |
- Montara | barriles/día | 3,655 | 4,227 |
- ciervo | barriles/día | 2,672 | 2,176 |
- CWLH (existing interest) | barriles/día | 1,896 | 383 |
- Malasia Peninsular ("PenMal") | boe / d | 4,288 | 4,702 |
- Sinphuhorm | boe / d | 1,303 | n / a |
Elevaciones | |||
- Petróleo | mmbbls | 3.6 | 4.0 |
- gas | mmcf | 1.4 | 1.8 |
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 Desempeño financiero[ 2 ]
|
| AF 2023 | AF 2022 |
Realización del precio medio del petróleo | US$/barril | 87.4 | 103.9 |
-Brent | US$/barril | 81.8 | 96.0 |
- Prima | US$/barril | 5.7 | 7.8 |
End-year inventory/lifting position | |||
- Montara and Stag inventories | Bbls | 211,261 | 94,989 |
- CWLH and PenMal net overlift | Boe | 141,618 | 216,813 |
Ingresos | Millones de dólares | 319.8 | 421.6 |
Costos totales de producción | Millones de dólares | 256.6 | 219.9 |
- Underlying operating expenses | Millones de dólares | 175.5 | 157.2 |
- Otros costos[ 3 ] | Millones de dólares | 81.1 | 62.7 |
Gastos de capital | Millones de dólares | 117.0 | 82.9 |
Net cash/(debt) at 31 December | Millones de dólares | (4.2) | 123.3 |
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:
l Producción: 20,000 - 23,000 boe/d, a c.55% increase on 2023 at the midpoint.
l Costos de operacion: 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.
l Gastos de capital: expected to total US$80-110 million.
l Otros gastos en efectivo: 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.
Actualización de Akatara
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.
Adquisición de CWLH 2
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.
-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 | |
| |
Peel Hunt LLP (Junta Broker) | +44 (0) 20 7418 8900 (Reino Unido) |
Richard Crichton | |
David McKeown Langoulant de Georgia | |
| |
Camarco (Asesor de Relaciones Públicas) | +44 (0) 203 757 4980 (Reino Unido) |
billy clegg | |
georgia edmonds 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.
Liderada 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.
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Glosario
bbl | barril de aceite |
barriles/día | barriles de petroleo por dia |
boyas | barril de petróleo equivalente |
boe / d | barriles de petróleo equivalente por día |
CWLH | Cosaco, Wanaea, Lambert y Hermes |
mmbbls | millones de barriles |
mmcf | millones de pies cúbicos de gas |
PSC | contrato de producción compartida |
[ 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 ] Los totales pueden no coincidir debido al redondeo. 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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