Member Info for HighlyGeared

Berenberg have been toying with SP (particularly on the offer) for the last week, with plenty of big after hours prints which I lay at their door. They have a large order to fill imo.

Buybacks won't happen in the short/medium term imo. The rejuvenated board are focused on proving their growth credentials, and will be repositioning the production portfolio via further asset purchases, so I reckon that's where any excess cash will be allocated.

An extract from Malcy's blog re Jadestone's latest presentation.

"The key disclosure in the presentation appears to be that between $65-75 Brent Jadestone could generate $260-400m of unlevered FCF over the 2026-2030 period, at $85 oil in the same period it would be closer to c.%530m."

The Goldman Sachs view on the current O&G macro situation.

https://x.com/HighlyGeared/status/2032856744607527155

Some seriously large trades printed after the close.

I think there was over 800k on the bid at the closing auction. I should have taken a screenshot.

Purely my opinion, however from the moves on L2 it feels like a large order is being filled.

Some strange trades printing on good volume. Also someone has been bidding hard on the auctions for the last four days, so some weird action on L2. Hopefully it's the build up to something.

Updated Corporate Presentation in Light of Recent Macro Volatility

12 March 2026 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone"), an independent upstream production and development company focused on the Asia-Pacific region, announces that, in light of recent oil price volatility, it has published an updated corporate presentation on its website which includes unlevered free cash flow projections at a range of Brent oil prices. The presentation also includes a preliminary unaudited full-year 2025 adjusted EBITDAX estimate of US$146 million and can be accessed at:

https://www.jadestone-energy.com/presentations/

Https://www.jadestone-energy.com/wp-content/uploads/2026/03/20260312-JSE-Corporate-Presentation-vF-Website.pdf

If the current situation in the gulf lasts for much longer with 70% of Vietnam's LPG imports coming from the middle east, they are really screwed. You'd think they'd be in a hurry to diversify their energy requirement and massively increase their domestic energy supply. Not that the Jadestone assets would help them out of their current energy shortfall.

https://www.megaproject.com/news/oilandgas/vietnam-s-pv-gas-boosts-domestic-lpg-output-to-compensate-for-shortfall-caused-by-iran-war

Having scraped info from various news sources, AI has an interesting take on the current gas shortage in Vietnam.

Vietnam is currently facing a critical energy shortage in March 2026, driven by a combination of immediate geopolitical crises and long-term structural bottlenecks.

Current Emergency Situation (March 2026)

The ongoing US-Israel-Iran conflict has severely disrupted global energy supplies, particularly affecting Vietnam's immediate fuel security:

Supply Disruptions: Iranian drone strikes on Qatar’s Ras Laffan (the world's largest LNG facility) have led to force majeure declarations, cutting off major shipments to Asia.

Fuel Rationing & Mandatory Measures: The Vietnamese government has ordered mandatory work-from-home and austerity measures to conserve fuel.

Skyrocketing Prices: Asian spot LNG prices have more than doubled since the war began on 28 February.

Aviation Crisis: Airlines are at high risk of fuel shortages starting in April, leading to proposed airfare hikes and potential groundings.

Structural Bottlenecks

Beyond the immediate war, Vietnam’s LNG-to-power expansion—a cornerstone of its Power Development Plan 8 (PDP8)—is facing severe delays:

Global Turbine Shortage: Manufacturers like GE Vernova and Siemens have backlogs of 7–8 years, delaying crucial gas plants (like Nhon Trach 3 & 4) by several years.

Infrastructure Gaps: Vietnam currently only has one operational terminal at Thi Vai, which cannot yet meet the surge in demand from newly commissioned power plants.

Contractual Hurdles: Many projects lack Power Purchase Agreements (PPAs), making them unbankable for private investors.

Institute for Energy Economics and Financial Analysis (IEEFA)

Mitigation Strategies

To manage the crisis, the government has:

Tax Cuts: Slashed LNG import tariffs from 5% to 2% and cut fuel import taxes to 0%.

Emergency Imports: Authorized PetroVietnam (PV Gas) to independently import spot cargoes, with 63,000 tons recently arriving.

Strategic Stockpiling: Mobilised 4 million barrels of oil to secure the national energy supply.

Having said that, it's amazing that Jadestone is taking a hit today, with these type of macro events currently in play for the oil market.

https://www.reuters.com/business/energy/consequences-global-oil-markets-could-be-catastrophic-if-hormuz-closure-2026-03-10/

This morning's pullback was a ridiculous market overreaction to brent crude falling to $90. However I'm more interested in Vietnam than the Straits of Hormuz. The Nam Du/U Minh progression RNS can't be far away.

Https://x.com/OndoPlc/status/2020781957173436596

Https://x.com/StockBoxMedia/status/2020873063487721737

Https://x.com/HighlyGeared/status/2014027887209320582

Some nice buying coming in this morning.

From AI re Oryx.

Fund Status: In late 2025, discussions surfaced regarding a recommendation by the Oryx board to wind up the trust. While this would eventually lead to the liquidation of its portfolio (including Ondo), as of January 2026, the fund remains active and continues to report monthly Net Asset Value (NAV) updates.

Could be barking up the wrong tree with this, however Harwood Capital via their Oryx Fund got reduced down via issue of warrants back in August and were reduced down further with the raise, and there have been suggestions that they were looking to wind up the Oryx fund and return the assets to investors. So maybe its's Harwood selling down on behalf of the Oryx International Growth Fund for this reason? Just a theory which could be way off the mark, however it is a possibility I suppose.