Livermore Partners14 Jan 2019 07:57
With Jadestone (JSE), our thesis continues to manifest along with very strong returns for this exciting and growing oil producer. Jadestone successfully IPO'd in London in August under the symbol, JSE LN.
see link
JSE executed a $200mm transformational Australian asset acquisition from Thailand giant, PTTEP. We hold a seat on the Board of Directors of JSE, added to the equity position on the raise, and continue to focus hard on its growth trajectory.
Jadestone has a chance to be a true small cap champion and the potential to be a $1B company in the face of Brent oil's uplift near $75 a barrel. Adding to this are the strong free cash flows from the new Montara acquisition, which on a proforma basis, will allow $100mm of annual FCF for a company today trading at a large discount (1.5X EV/EBITDA for 2019) to any peers. We continue to feel Jadestone is in a great position to prosper in the years ahead thru both acquisition and organic growth and reflects the strength of an excellent management team. My hats off to CEO Paul Blakeley and his team!