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The most important statement today, says it all , imo
"With stronger oil prices so far this year and our production growing, we expect 2024 to deliver a much better outcome, with the recent March 2024 RBL redetermination setting a borrowing base of US$200 million for the next two quarters, more than double the predicted lending capacity for this period only a year ago and underpinning near-term liquidity".
The banks fully support the Company and its ambitions going forward,
with over 100 Million 2c resources THE ASSET VALUE multiples of present Mcap
Very Strong buy!!!!!imo ill be adding more over the coming weeks
Roxi trying to pump this again. The update was bad, don't try to suggets otherwise, not because of 2023 but because the lower 2024 guidance and worse than expected result in Q1
Akatara
Overall progress of the project had reached 95.72% completion at the end of March 2024. Pre-commissioning and commissioning activities commenced in November 2023 and continued into early Q1 2024 for utility systems, with further progression towards commissioning for the process system. Commercial production remains on track to start in Q2 2024.
If Roxi had been captain on the Titanic, he would have informed passengers as the ship went down that it was their privilege to go down on such an august vessel.
Charlie
Facts are they are producing over 17kbopd now. Mkt cap is 140m.
Akatara wells are being tested and they have stabilised rates of 30mmcfd, 2023 bad news is out of way. Now the summer recovery.
Lousy Q1 production, Akatara delay probable, finance costs through the roof, have I missed anything?
That trade of 510k shares was booked at 8.59 when the bid was 26p, however, immediately afterwards the bid moved up to 26.5p - and within the following 20 minutes, four buy trades went through totalling 800k shares.
Someone not quite seeing it as our resident super ramper Roxi, a 500,000 sale just gone through.
Better than me Kalan, I've been holding this for years at an average of north of 50p! Haven't got funds to average down atm [personal expenses have rocketed recently], so gonna hope the next couple of years treat Blakley and me well!
They have two months to go yet they state in the rns it would be completed in time
How much will they get for 1mcf?
The CEO says there is still a lot to do at Akatara so, IMO we may overshoot the end of June deadline for gas a little. Once Akatara is delivering gas then we will probably see a rise in the share price. A bit of gyrating between 25p and 30p could be on the cards for the next few weeks. Just my opinion.
I've invested my maximum here at an average of 28.75p, not buying or selling.
Thanks Sea1 maybe thats why the sp is on the way up again,wouldnt be surprised if it turns positive soon
Won't be surprised if we see Directors buying shares over the next few weeks
Nice to hear on the presentation that there are demands from others on akatara gas - PB indicated that they already have capacity to offer gas to a second contractor at 20% premium and there are demands for more- they are potentially going to be looking at upgrades in the future to meet demands.
Really chuffed!!!!!, what a great update, looking ahead JSE growth looks compelling, MCAP is stunningly cheap.!!!!
Well at least there are plenty of buyers coming in this morning lets see how it goes later on ,it imo would be a mistake to sell now
To a much more confident and uplifting CEO as he lays down the plans for 2024/5 with a great team of Directors now in place Jadestone will soon become the money Tree, we all wished for , imo
planning to go to AGM June will be a Pivotal period in JSE history
At least we get an update on montara...
The Prohibition Notice that was issued in June 2022 is expected to remain open until each tank within the FPSO that can contain oil has been inspected and a technical file note demonstrating its fitness for service has been issued to NOPSEMA. Jadestone is currently methodically executing a tank restoration program, which resulted in 6 centre, 5 centre, 5 port, 5 starboard and both slops tanks being removed from the Prohibition Notice during 2023. Work is ongoing on the remaining tanks and once all are completed, the Prohibition Notice is expected to be fully lifted. Jadestone continues to engage closely and transparently with the regulator about the progress of the inspection work. The NOPSEMA Level 4 investigation into the 2C loss of containment is ongoing.
On akatara...
Currently, the Group is focused on testing all equipment, testing, cleaning and reinstatement of interconnecting pipe, electrical and instrument testing at both the gas plant and metering station, and the hydrotesting of the gas pipeline. Overall progress of the project had reached 95.72% completion at the end of March 2024. Pre-commissioning and commissioning activities commenced in November 2023 and continued into early Q1 2024 for utility systems, with further progression towards commissioning for the process system. Commercial production remains on track to start in Q2 2024.
Akatara...
During testing, one well achieved a maximum flow rate of approximately 9 million cubic feet per day (mmcf/d), with data from the well test supporting the current Akatara 2P reserves estimate. The well is designated to supply pre-commissioning and commissioning gas for the AGPF, while the second well is intended for use as an injector/disposal well.
A campaign with a 550 HP rig to work-over the planned five wells commenced in Q1 2024. Currently, four out of five well workovers have been completed and tested at an aggregate stabilised rate of c.30 mmcf/d, ready to deliver the gas production required to fulfil the daily contract quantity under the gas sales agreement.
To the year ahead as oil prices have rebounded from lows , AKATARA soon to be in production with gas flows already exceeding expectations. , revenue flows from this alone will soon pay down the debt,
Vietnam the next big production uplift , hopefully we will hear some news updates on this in 2024
anyone going to the AGM ??
We all know 2023 was rubbish due to montara shut down, q1 2024 they managed 17kbopd and expect to produce 20kbopd.
Akatara is still on time, before end of q2.
The recovery has begun. Hold on to them..
The report reflects the damage done by Montara and the lower oil price. 16% revenue fall. Akatara plus montara improvements plus new oil income plus increased oil price make JSE a recovery share IMO. 2024 turn around year with 2025 bringing profitability. Holders are in early and at what looks like a cheap price as long as oil price holds up and production comes through as expected. This report marks the low point for profitability. Quietly optimistic for the turn around which is well underway.
Results out, akatara on still expected in q2.
Hopefully this is the year for JSE.