RE: Seems mkt don’t like it13 Apr 2023 19:48
Seems to me the market is quick to forget the performance of this company...
2022 Operating and Financial performance
l 2022 production averaged 11,487 boe/d (2021: 12,545 boe/d), in line with expectations1, with the asset split as follows:
? Montara: 4,227 bbls/d, a 45% decrease on 2021 primarily due to the field being shut in from mid-August to year-end 2022
? Stag: 2,176 bbls/d;
? Peninsular Malaysia: 4,702 boe/d
? CWLH: 383 bbls/d, representing the annualised contribution based on average net production of 2,290 bbls/d since completion of the acquisition on 1 November 2022
l 2022 revenues estimated at US$421 million (2021: US$340 million), an annual record for the Company, as higher realisations offset lower production from Montara.
l 2022 liftings estimated at 4.0 mmbbls (2021: 4.6 mmbbls) of oil and 1.8 mmcf (2021: 0.6 mmcf) of gas. Oil liftings were lower than 2021, primarily due to the shut-in at Montara partially offset by a full-year contribution of the Peninsular Malaysia assets acquired in 2021 and the first lifting from the CWLH asset in November 2022.
l The Company realised an average oil price of US$103.93/bbl (2021: US$74.34/bbl) during 2022, compared to an average lifted Brent price of US$96.05/bbl (2021: US$70.94/bbl). The average premium to Brent in 2022 of US$7.88/bbl (2021: US$3.39/bbl) reflected strong pricing across Jadestone's portfolio, particularly at Stag, which averaged a US$22.78/bbl premium to Brent across the three liftings during the year.
l Unaudited operating expenses2 for 2022 are estimated at approximately US$37/boe, primarily impacted by the temporary shut-in production from Montara and therefore at the upper end of the guidance range after the customary adjustment for non-routine maintenance items and workover costs.
l 2022 capital expenditure was approximately US$87 million, just below the guidance range of US$90 - 105 million. The Stag infill drilling programme accounted for US$60 million of total capex, with US$21 million initial spend on the Akatara gas development, lower than anticipated due to phasing of procurement activity. Akatara project progress, and delivery of first gas, remain on track with original planning.
l Cash balances at the end of the year are estimated at US$122 million, a slight increase on the opening 2022 figure of US$118 million.
l To date, the Company has acquired 20.2 million shares under its buyback programme, at a total cost of US$17.9 million, representing an average repurchase price of 76p per share.
l The Company is currently debt free but continues to progress the proposed reserves based lending facility, which was always intended to fund the Akatara field development expenditure and for general corporate purposes.
l The Company's 2023 operational and financial guidance will be announced once production from Montara has resumed.
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