Member Info for deeko

2 things really stuck out for me with Jadestone.

The announcement of the Malaysia infill wells far exceeding the expected rate - no market reaction

The announcement of the woodside acquisition, 24,000 boe I think it was - complaints

Jadestone is a great company but I feel with the current shareholder base and the boards risk adverse nature, we'll be treading water.

Hopefully I'm wrong.

I’m with you, Bubba. Being debt-free just for the sake of it - especially over $80 million - doesn't impress me. A single strategic acquisition could generate hundreds of millions in annual revenue for a relatively small upfront cost if structured correctly. Waiting 4–5 years for organic development is far too slow, it's a waste of opportunity. The board and current shareholders seem overly risk-averse. In the O&G sector, playing it safe and hoarding cash is usually 'death by a thousand cuts.' I’m planning my exit as soon as we hit 24p again.

All you have to do is read the comments from shareholders here and you can get a feel for the type of environment Jadestone is trying to work in. Every decision made is complained about, low oil price environment the company is blamed, delayed announcements lead to negative speculation, positive announcements lead to nothing, negative announcements lead to over the top drops. I'm not surprised they stay quiet and only release when they have too haha

Wow, my bad. apologies on the false alarm folks.

What a crazy coincidence though, company registered Nov, Indonesian license rounds started end of November. Mick coming onboard etc etc.

Ahh well.... onwards and upwards

Looks like we missed Seascapes registration of a Singapore vehicle. If you look at the registries, it’s looks to me like they are building a bridge to Indonesia.

While the market was focused on new awards in Malaysia, the team quietly established a new regional vehicle.

Entity: SEASCAPE ENERGY PTE. LTD.

Incorporated: Nov 2025

Why it matters: You don’t set up a Singapore Pte Ltd to run Malaysian operations (they already have multiple Sdn Bhd entities in KL for that). In the E&P world, Singapore is the gold-standard jurisdiction for holding Indonesian PSCs due to the favorable tax treaties and legal protections. This registration perfectly matches the timeline of Indonesia’s massive 75-block bid round.

The "Indonesian Specialist" Board Hire

On January 12, 2026, the board added Michael (Mike) Buck.

The Resume: Mike was the COO of Salamander Energy, where he grew production to 14,000 boepd specifically through discoveries in Indonesia and Thailand. He is also currently a director of Sunsteppe Renewable Energy Pte. Ltd. in Singapore. I feel he's an operational hire meant to navigate the Jakarta/Singapore corporate corridor.

Given the timing of the Indonesian Bid Rounds: The Indonesian Ministry of Energy (ESDM) launched its 75-block "backbone" program in December 2025. Bidding for several key rounds is currently active/closing in February 2026. https://jakartaglobe.id/news/indonesia-opens-75-oil-blocks-to-investors-february-tender-set.

Out of curiosity, there have been a few buys above 25p (i.e. 25.15p) but the bid never actually went above 25? what would cause that? Never seen that happen before

Aye, appears they are trying to bore us to death by just holding this at 25p regardless of the buying pressure

You'll note I said 'It's just a case of when'

Sooner rather than later is my gut feeling.

Master82 - sounds like you have an axe to grind with MB (probably a fair one too) but please grind it on the MATD board.

Not that I really know, or care for that matter, but exploration isn't science. It's just interpretation, if something shows all the signs of being a good prospect, there is no guarantee that it actually is. Sounds like MATD found that out the hard way.

As far as MB is concerned, I don't really care if he's a NED, the geologists and petrophysicists do all the real work and Seascape have a very experienced team in Malaysia. CEO's and NEDS are just there to take credit when it goes good and take the wrap when it goes bad.

Also, this excitement for selling the minute the bid touches 23.50p is getting very tedious...

It feel orchestrated to keep the share price down and buy it on the cheap with some dud 'Average share price over the past 3 months nonsense'

Agreed Legache,

Anyone wanting a lesson in how not to run a resource rich country should follow the route of Venezuela. The country took billions in investment from super majors, allowed them to explore, appraise and develop the fields then decided they wanted the fields back and just kicked the international corporations out.

There is a reason the country has more reserves than Saudi but the GDP is > 1%. From memory, it was all pretty much heavy oil too, routed mainly to china.

As I’ve said before, the markets can be strange.

In my view, there was no real reason for the drop from the high 80s other than investors anticipating how tough it might be to push above £1 and choosing to lock in gains. When enough people do that, you get exactly this kind of outcome: a company that arguably deserves a much higher market cap trading at a share price that looks oddly low compared with its peers.

You see this all the time on AIM. The so-called “£1 barrier” gets treated like some kind of holy grail, even though it’s an artificial psychological threshold.

Mcap here should be £1.2+ in anticipation of drilling confirmation, anticipation of new license award, farmoutz anticipation etc.

Also worth noting, 2x DRO's are on offer!

The Pertamana DRO and The Estuary DRO. Seascape have also brought in 2x additional Geology and Geophysics employees in the last month suggesting they are gearing up for more work.

Anyway, by next summer I firmly believe we'll be launching towards £2+

Lol accidentally posted my reply on the UPL board. Long day!

anyway, here it is

Interesting the market isn't it.

We have 64 MMboe of actual reserves, upside closer to 200 MMboe in exploration potential with signed PSC's and cash to see us through the next 2 years but people were getting 'nervous' over a rise towards 90p per share.

UPL sign a random agreement with a random company, have zero PSC's and zero reserves and hit roughly the same Mcap we had... and people are talking about it being cheap.

I'll never understand the chaos that is the market. But I'll always stick to tangibles.

Yes, the old. I'll ignore everything you've said and make up my own scenarios.

'i'll wait until the company update' - in other words, the official word from the company on the good stuff doesn't fit my narrative right now so I'll just wait until It does. But I'll use historic company updates to ground my negative view.

At confirmed OPEX costs of $30, $15 and $70, every assets operational profit is in the green. Oil price is $61, premiums are $4 and $13.

Again, you've purposely neglected to include 3500-4500 boepd (35-45% at zero additional opex costs).

Also worth noting,

1) Montara was also affected by the weather and shut downs for the Skua start-up.

2) Skua was included with a rate of 3500, the RNS stated 4,500 from memory.

So a $28 low case probably is correct

Legache, capex shouldn’t be taken off operating profit - that’s mixing two different things.

Operating profit is revenue minus operating costs (salaries, contractors, fuel, maintenance, etc.) plus non-cash items like depreciation.

Capex (drilling a new well, new kit, etc.) is a cash outlay that goes on the balance sheet as an asset, then gets dripped through the P&L over time as depreciation.

It sits in the cash flow / investing line, not in operating costs.

If you also subtract capex from operating profit, you’re effectively double-counting it (once via depreciation, once via the full spend) and making the asset look worse than it is.

charlies, i'm not doing this for you.

-cwlh was bucketed into the 'other' assets group at $11 per boe. you can figure out what cwlh is if you dig into it.

-stag is v.high but was affected by unprecedented weather, same as the skua drill. because production is only 2,200 boepd, even a swing of 200 boepd changes the opex drastically.

-montara at last known numbers is ~$30 per boe.

add them all up at their respective percentages and you arrive at $30-$34. so yes, my back of the *** packet numbers were actually incorrect. but it doesnt really change anything.

making money hand over first.

As a former Tullow holder, I genuinely hope the bounce here is swift for the long-term holders. It’s very sad to see what was once a great company bled dry by vultures and poor leadership.

In my view, this all started under Rahul, nothing more than an empty suit IMO- doubling down on Ghana while selling off cash-generating assets elsewhere. They spent hundreds of millions a year just to sustain production instead of using that capital to buy additional producing assets with exploration potential.

Suriname, Uganda, Kenya, Guyana, Chad to name a few.

Anyway, I sincerely hope this bounce hard back to 20p

Confirmed outgoings on Aussie assets are $28 per boe opex (I mentioned months back that the opex would drop below $28/boe and was told that it was nonsense). Gross is $64/65.

$64 - $28 =$36 in operational profit per boe.

that in itself for the Aussie assets is $15.5 million monthly revenue (at 8,000 boe), or ~$8.5 million in operating profit.

I'm very much looking at the numbers and JSE is a money tree... the market hasn't cottoned on yet IMO.

Just reflecting on this, nearly 70% of our market cap is from 1/3 of our production, everything else is just sitting here free of charge. Looks like its time to load up further!