Full Year 2025 Jadestone Energy PLC Earnings Call Transcript
Key Points
- Jadestone Energy PLC (JDSEF) achieved a 14% growth in underlying producing assets and a 21% reduction in unit operating costs in 2025.
- The company successfully refinanced its existing debt with a $200 million debut Nordic bond, enhancing liquidity and financial flexibility.
- Significant progress was made on the Nam Du/U Minh project in Vietnam, with regulatory and commercial approvals secured, allowing the booking of approximately 32 million BOE of gross 2P reserves.
- Record annual production and a 23% increase in lifted volumes were achieved in 2025, contributing to a 3% increase in revenues despite weaker Brent prices.
- The company has a strong focus on operational excellence and cost discipline, resulting in improved cash flow generation and reduced net debt.
- Jadestone Energy PLC (JDSEF) reported a loss after tax of $111 million for 2025, largely due to a post-tax noncash impairment of $88.2 million related to Montara and Stag assets.
- The Stag field experienced damage from Cyclone Narelle, leading to a shutdown and uncertainty regarding the resumption of production.
- The company faces challenges in narrowing the significant discount of its share price to the underlying value of its portfolio.
- There is uncertainty regarding the timing and financial impact of insurance proceeds related to the Stag field damage.
- The company has a high gearing towards Brent oil prices, which could pose risks if oil prices fluctuate unfavorably.
Good morning, and good afternoon, everyone. I would also like to welcome all of you to Jadestone Energy's Full Year 2025 Results Conference Call.
I'm Mitch Little, Jadestone's Chief Executive Officer, and I'm joined on the call today by Andrew Fairclough, our Chief Financial Officer. I will make some introductory remarks prior to handing over to Andrew to take us through the financial update, and then I will return to provide an operational review and some closing comments. We'll be referring to our results presentation, which you can view through the webcast and which can also be accessed on our website. After our prepared comments, we will open the call for questions and answers. Moving past Slide 2, which outlines our standard disclaimers, I'll start on Slide 3.
Geopolitical events in early 2026 have magnified the importance of domestic energy security and the safe and reliable supply of oil and gas. For the last 10 years, Jadestone has been building an operated upstream platform across the Asia Pacific
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