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Reading between the lines the Vietnam project is just waiting for the official FID document to be signed which usually takes between 9 -18 months in Vietnam depends on the complexity and number of departments that it has to pass through, the evidence suggests Jadestone and the government are aligned hence Jadestone sending out tender documentation for the fspo and in discussions with JV partners even though they aren't named.

This project when it drops will be transformative, we are approaching the 12 month mark on the FID document timetable, meanwhile production is solid and steady debt reduction is ongoing with a net cash position not that far away in the future this year.

On current metrics of production and current debt profile we trading at a vast discount to piers and on that alone should move higher especially with a tailwind of higher Brent prices.

After a reassessment it looks like Jadestone have got 12 to 18 months window where the objective is to get Vietnam up and running if that occurs with or without a partner Jadestone re rates substantially due to expansion growth and the reserves that brings, Vietnam needs the gas and we need the project so the FDP approval should all things considered be imminent.

If delays occur stalling the start of the project due to the FDP approval process then we are stuck, a company with decent production 20k or thereabouts but with declining reserves meaning a limited timeline for the producing assets due to be cash positive sometime this year, the next option would be an acquisition of a producing asset with reserves, then the Vietnam project follows when all the paperwork has been signed sealed and delivered.

Other opinions welcome.

Seplat Energy has delivered a genuinely impressive set of results that demonstrate the successful execution of its growth strategy. The near-tripling of revenue and doubling of operating profit reflect not just the scale benefits of the MPNU acquisition, but effective operational integration and cost management. What stands out is the balance between growth and returns the 52% dividend increase signals confidence in sustained cash generation, while the significant debt reduction shows disciplined capital allocation. The ANOH gas project coming online adds a new earnings stream that diversifies the portfolio toward Nigeria's energy transition priorities. For us this shoes a company firing on multiple cylinders, production growth, margin expansion, balance sheet strengthening, and shareholder returns all moving in the right direction simultaneously.

Just my take.

Jadestone is keeping production steady and investing cautiously, but low oil prices mean reserves and expected cash flow look smaller, so the company is focused on maintaining operations and waiting for higher prices.

The Brent price has started to move since the start of January I expect it will continue to move up, all oil companies are reporting similar reduced spending and lower eps, there is nothing fundamentally wrong at Jadestone the market is tight imo due to sovereign debt refinancing in the US and EU with paper dominance keeping a lid on prices for inflation purposes that grip is slackening with shorts closing hence the rise since January patience required.

Summary of the reserves update

We still have about the same amount of oil as last year.

We replaced most of what we pumped.

The value of our reserves has dipped because of lower oil price assumptions and higher expected spending.

Our reserves should last several more years at current production levels.

It’s a steady, conservative update, with the option if Brent prices continues to hold above $70 for six weeks or so without dropping back into the $60s they will probably review their plans, that's my takeaway.

The annual reserve update is due this week so it also gives the company the opportunity to comment on other areas of the business and strategy going forwards.

PetroTal’s upcoming reserves update is expected to focus on year‑end 1P/2P/3P reserves, technical revisions, and field performance during a year with no new drilling activity. With development paused, reserve movements will primarily reflect production depletion, updated reservoir modelling, and price effects rather than additions from new wells. Management is likely to highlight stable production from existing wells, continued strong reservoir performance.

The update may also include revised OOIP estimates, updated NPV‑10 values, and a breakdown of reserve replacement ratios driven by technical and economic factors. Capital spending is expected to be minimal, with commentary centred on cost discipline and maintaining operational readiness for future drilling phases. Forward‑looking remarks will likely address the conditions required to resume development, the robustness of the asset base, and the long‑term potential once drilling restarts.

Heirs energy impact, share price momentum explained.

Elumelu-backed Seplat deal fuels $1.25bn value surge, signals fresh energy momentum | Business Insider Africa https://share.google/aB3Z1ph1xSsclZ9iy

I have an alternative view

No M&A risk now Rio isn't hunting BHP it's digesting Arcadium and finishing what it started. M&A value destruction is mining's chronic disease Rio's current immunity is an edge.

No exploration lottery. Growth comes from assets already discovered, permitted, and funded. Oyu Tolgoi underground took a decade; it's now producing. Simandou's rail is built, port well on its way. These are manufacturing problems, not geological risks.

Self-help within management control: Asset sales depend on markets, but Rio's position as seller is strong (quality assets, no forced sale). Execution is operational, not dependent on commodity price spikes.

If and when they sell the mineral sand assets and other non core areas they own they could generate substantial funds to reduce net debt.

The WFT is achieving de facto nationalization by attrition foreign operators exit due to 78% tax on profits without UK specific losses, while UK corporates like Sercia, Harbour Energy etc survive using ring-fenced tax shields. This transforms the North Sea from a declining foreign-invested basin into a UK-controlled strategic asset, with consolidation creating domestic champions aligned with national energy security rather than global corporate returns. When the WFT is eventually reformed, the sector will be UK-owned, preserving critical expertise and infrastructure for the energy transition, maybe similar to Norway.

The north sea an unexpected result or maybe known regarding the wft is if UK companies have ring fenced tax losses against assets they can survive the 78% tax on profits where foreign companies are exiting due to losses so the net effect is the north sea becomes UK corporate owned, then the narrative could flip to a strategic asset of national importance with drilling and exploration encouraged and the wft scrapped.

A minister could never state openly this is the objective, Labour, I doubt this scenario has ever passed their minds or the opportunity it provides.

Seeing as you mentioned it you know what planitir is where it originated and what it will be used for, when the investment currently underway building the Ai infrastructure for 24/7 monitoring of all transactions on a Blockchain network and not just bank transfers, which will require passing a gate keeper to access assets you own eg your house deeds or product s you want to buy, who will be providing the data which will allow you access, and if any authorised entity refuses entry you won't gain access to a asset you legally own or want to buy untill you meet the gate keeper criteria.

Have you tried talking to these chat bots? It all depends on the questions what information you require the speed at which chat bots work is amazing, reduces the time in research from days of in depth inquiry to hours.

If it's guaranteed dividends you should look at SQZ

$10 above base case economics, the paper market may try to force the price down again however if you track the whole crude cycle from producers, refineries, crack spreads, finished products demand and inventories of, research tanker logistics volumes, then move to crude storage SPR and Cushing the whole narrative falls apart.

Our day in the sun is coming and it might be closer than August.

There is a positive here as others have mentioned Coronation have a significant stake and probably allies with other major shareholders, although they don't have a seat on the board they do and will have influence, the management structure know this and if they are being judged and results matter so as I see it the next update matters if it's we didn't reach our targets then management changes for sure, maybe we become an acquisition target with Coronation requesting the up for sale sign.

However the next update is key.

I don't expect sensitive information but a general picture of how the business is running which is exactly what I got, I asked about other things which I was told yes it's not off the table, plus a general chat.

I have my own opinions which I have laid out on here, I see nothing from management except a missed opportunity they had the cash the opportunity to pivot to additional revenue streams via acquisitions aligned with the current company structure, they imo doubled down on Microsoft with a tentative shift to push existing products, the share price reflects what the market thinks it's obvious.

Communication on regular basis is desperately needed for investors to make a calculated decision it is coming up to four months since the last update only another two months to wait.

After contacting investor relations a couple of times the only thing we know is extra sales staff have been taken on, partly to push additional Microsoft sales and others to pursue other products that they offer, unfortunately

the news flow from the company is abysmal, the H1,H2 reporting just doesn't cut it, so we have no idea how this transition is going other than it was taking time for the new strategy to settle.

I recommend contacting IR to provide more detail, I sent my previous comments below to IR to see if they would respond and sadly this third email has received no reply.

Communication is poor the buybacks were a waste of £25m hard earned cash reduced the Mcap only to boost the eps which will only be of benefit to management.

This is first time in a number of years they have been challenged to show their quality so far the evidence suggests they are not upto the job.

Exactly Sturm and it shouldn't go unnoticed that oil like the other commodities is being controlled currently by the paper market, however pressure is building we are in a tight oil market major oil companies are bleeding cash taking financial hits while production declines scarcity of actual crude is real which is why Brent has bounced 12.5% this year while paper would like to keep it at $60 it can't.

Oh come on legache don't be fussy it's the info that counts lol.

Why the Skua intervention blew out toward ~$100 million

Even though the headline number looks shocking, the drivers are actually very standard for a subsea intervention in a high‑cost basin.

1. Australia is one of the most expensive offshore regions on earth

Everything costs more:

- rig dayrates

- vessel dayrates

- labour

- logistics

- regulatory compliance

A subsea intervention that might cost $20–40m in SE Asia can easily cost $60–100m in Australia.

2. The well intervention scope expanded once operations began

This is the classic offshore problem:

you don’t know the true condition of the well until you’re in it.

Common escalation triggers:

stuck tools

- failed valves

- unexpected scale or sand

- tubing integrity issues

- pressure anomalies

- need for additional wireline or coil runs

- need for sidetrack or re‑perforation

Once you’re committed, you can’t stop halfway.

3. Rig/vessel time is brutally expensive

If a jack‑up or intervention vessel is on dayrate at:

- $150k–$250k/day (Australia typical)

…then every extra 10 days adds $1.5–2.5 million.

If the job runs 30–60 days longer than planned, the cost balloons fast.

4. NOPSEMA oversight adds time and cost

Australia’s regulator requires:

- additional testing

- additional documentation

- additional safety barriers

- slower operational tempo

This is not optional.

5. The well was needed to stabilise Montara production Jadestone couldn’t simply defer the work.

Skua is part of the production system feeding Montara, and restoring flow was essential for:

- cash flow

- reserves recovery

- field life extension

So the intervention wasn’t discretionary.

What defence Jadestone can reasonably make. Even though the cost escalation looks ugly, the company does have a defensible position.

1. Subsea interventions are inherently unpredictable Once you’re in the well, you must fix what you find.

2. The work was required to restore production. This wasn’t optional capex — it was needed to keep Montara viable.

3. Australia’s cost environment is extreme Jadestone didn’t choose a cheap basin; they inherited a high‑cost one.

4. The intervention preserves long‑term value

A successful intervention:

- restores production

- increases reserves recovery

- extends field life

- stabilises FPSO utilisation

5. The alternative was worse

Not intervening would mean:

- declining production

- potential well abandonment

- loss of reserves

- higher decommissioning liabilities

The balanced view

The Skua intervention cost escalation wasn’t:

- mismanagement

- incompetence

- or discretionary spending

It was a high‑cost, high‑complexity subsea job in one of the most expensive offshore jurisdictions in the world, with scope expansion once the well was opened.

The market hates overruns, but operationally, the work was unavoidable.