## Summary of Jadestone Energy PLCs 2025 Full-Year Results
**Key Highlights**
* **Strong Operational Performance** Jadestone achieved record annual production of 19,829 boe/d, a 6% increase year-on-year, driven by the full year contribution from the Akatara field in Indonesia.
* **Improved Cash Flow** Operating cash flow before working capital increased by 75% to $123.6 million, reflecting higher revenues and lower production costs.
* **Financial Results Impacted by Impairment:** A post-tax impairment charge of $88.2 million, primarily related to the Stag and Montara fields, resulted in a net loss after tax of $110.7 million.
* **Debt Refinancing** Jadestone successfully issued a $200 million Nordic bond, reducing near-term debt repayments and providing flexibility for growth opportunities.
* **Vietnam Progress** The Nam Du/U Minh project in Vietnam received government approval for its field development plan, paving the way for initial 2P reserves booking and farm-out discussions.
* **Operational Headwinds** The second quarter of 2026 faced challenges due to Cyclone Narelle, impacting production at the Stag field.
**Financial Performance**
* **Revenue** Increased by 3% to $408.1 million, driven by higher Akatara revenues and a favorable hedging impact, partially offset by lower realized oil prices and sales volumes from other assets.
* **Production Costs** Decreased by 19% to $232.7 million, primarily due to lower field operating costs, workovers, and maintenance activities.
* **Adjusted EBITDAX** Increased by 20% to $153.0 million, reflecting higher revenues and lower production costs.
* **Net Debt** Reduced by 15% to $89.1 million, excluding proceeds from December 2025 liftings received in early 2026.
**Operational Updates**
* **Akatara Field (Indonesia)** Achieved excellent performance with 94.4% uptime and successful debottlenecking project, increasing production capacity.
* **CWLH Assets (Australia)** Scheduled drydock of the Okha FPSO completed, with production expected to restart in May 2026.
* **Montara Field (Australia)** Skua-11ST well extended field life and reduced unit operating costs. General Direction received from NOPSEMA for hull integrity restoration.
* **Stag Field (Australia)** Impacted by Cyclone Narelle, with production expected to resume in Q4 2026.
* **PM323 East Belumut (Malaysia)** Infill drilling campaign commenced in April 2026, targeting the southwest extension of the field.
**Outlook**
* **Production Guidance** Unchanged at 18,000 - 21,000 boe/d, with a lower end of the range considered more likely due to Stag field shutdown.
* **Capital Expenditure** Guidance remains at $50-80 million, primarily focused on existing producing assets and pre-sanction costs in Vietnam.
* **Unlevered Free Cash Flow** Guidance unchanged at $200-240 million at $70/bbl Brent, with sensitivity to oil price movements.
**Overall**
Jadestone Energy PLC demonstrated resilience in 2025 despite challenges, achieving strong operational performance and improved cash flow generation. The company is focused on protecting its base business, returning to sustainable profits, and maximizing cash generation to support future growth ambitions. The successful bond issuance strengthens its financial position, while progress in Vietnam and ongoing operational optimization efforts position Jadestone for continued growth.
| Financial Metric | 2024 (US$'000) | 2025 (US$'000) | Change (US$'000) | Change (%) |
|---|---|---|---|---|
| Revenue | 395,036 | 408,060 | 13,024 | 3% |
| Production Costs | (286,908) | (232,660) | 54,248 | -19% |
| Adjusted EBITDAX | 127,895 | 152,963 | 25,068 | 20% |
| Loss After Tax | (44,141) | (110,747) | (66,606) | 151% |
| Operating Cash Flow | 70,526 | 123,637 | 53,111 | 75% |
| Net Debt | (104,774) | (89,084) | 15,690 | -15% |
| Capital Expenditure | 74,459 | 92,807 | 18,348 | 25% |