Jadestone Energy Plc · LSE:JSE
Jadestone Energy — Investor Presentation (October 2025)
22 slides from Jadestone Energy's investor presentation, Oct 16, 2025
Slide 1: Creating the Leading Asia-Pacific Independent Upstream Company
Investor Meet Company Presentation CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY October 2025
Slide 2: Disclaimer
Investor Meet Company Presentation DISCLAIMER You must read the following before continuing. The following applies to this document, the presentation of the information in The content of the Presentation has not been approved by an authorized person within the meaning of the Financial Services and t
Slide 3: A Leading Independent Asia-Pacific Upstream Company
Investor Meet Company Presentation A LEADING INDEPENDENT ASIA- PACIFIC UPSTREAM COMPANY • Diversified production from six assets across three countries • Proven regional expertise and operating capabilities • Organic growth options - significant Vietnam gas resource • Strategic aim to become the lea
Slide 4: Asia-Pacific: Jadestone Well Placed to Capitalize on Material Growth Opportunity
Investor Meet Company Presentation ASIA-PACIFIC: JADESTONE WELL Remaining Asia-Pacific recoverable resources, by country(1) PLACED TO CAPITALIZE ON MATERIAL GROWTH OPPORTUNITY • Decision in early 2025 to focus growth on areas where Jadestone has operating capability and critical mass • Thailand sale
Slide 5: Reserves and Resources as of December 2024
Investor Meet Company Presentation RESERVES AND RESOURCES AS OF 31 DECEMBER 2024(1) Independently assessed 2P reserves at 31 December 2024 2C resources at 31 December 2024 0.9 Vietnam: Tho Chu 4.3 10.6 3.1 Vietnam: Nam Du Akatara 12.3 CWLH 23.0 10.3 Malaysia: Puteri Montara 64.5 Cluster, PM323 121.6
Slide 6: Akatara: Accelerating Value
Investor Meet Company Presentation AKATARA: ACCELERATING VALUE Akatara gas processing facility, July 2025 • 8.8 million manhours worked without a lost-time injury • 96% plant uptime during H1 2025 • H1 2025 gross production of 5,771 boe/d • Planned shutdown in May 2025 for seven days – EPCI contract
Slide 7: Building on the Success of Akatara to Grow Our Indonesia Business
Investor Meet Company Presentation BUILDING ON THE SUCCESS OF AKATARA TO GROW OUR INDONESIA BUSINESS ⚫ Infrastructure-led drilling to supplement existing reserves ⚫ Inorganic growth – Proposed amendment to convert remaining PSC commitment – Jadestone’s development of the Akatara field praised by SKK
Slide 8: Vietnam: Commercializing a Significant Gas Resource
Investor Meet Company Presentation VIETNAM: COMMERCIALIZING A SIGNIFICANT GAS RESOURCE • 100% interest in Block 46/07 and Block 51 PSCs – Contain the Nam Du, U Minh (“NDUM”) and Tho Chu discoveries • High-quality reservoirs with >1,000mD permeability and very low CO2 levels (~3%) • High-quality 3D s
Slide 9: Vietnam: Continued Progress Towards Key Approvals
Investor Meet Company Presentation VIETNAM: CONTINUED Jadestone’s senior management In Vietnam, July 2025 PROGRESS TOWARDS KEY APPROVALS • Nam Du/U Minh Field Development Plan in final stage of Vietnam government approval • GSA negotiations also in final stages – Gas sales Heads of Terms extended to
Slide 10: Late Life Asset Management Requires Unique Skills and Discipline
Investor Meet Company Presentation LATE LIFE ASSET MANAGEMENT REQUIRES UNIQUE SKILLS AND DISCIPLINE Montara and Stag combined average annual R&M(1) spend US$ million 60 48.4 38.1 40 20 0 2020-22 2023-25 est Montara Venture FPSO digital twin Ongoing and significant investment in Montara and Stag asse
Slide 11: Focus on Extending Montara and Stag Economic Lives
Investor Meet Company Presentation FOCUS ON EXTENDING MONTARA AND STAG ECONOMIC LIVES • Montara and Stag breakeven below current oil price levels – Margin improvement can reduce breakeven and pushes out economic limit further • Australia's abandonment expenditure manageable in the context of Group c
Slide 12: H1 2025 Operational and Financial Summary
Investor Meet Company Presentation H1 2025 OPERATIONAL AND FINANCIAL SUMMARY Selected operational and financial metrics (US$ million) unless stated H1 2025 H1 2024 ∆ ⚫ Production increased 21% y-o-y to a new first half record Production (boe/d) 20,368 16,867 +21% – Full period of Akatara the main dr
Slide 13: Liquidity and Hedges Provide Resilience to Oil Price Volatility
Investor Meet Company Presentation LIQUIDITY AND HEDGES PROVIDE RESILIENCE TO OIL PRICE VOLATILITY Liquidity position at 31 August 2025(1) Current hedging schedule US$ million Barrels US$/bbl 160 800,000 76.0 • ~US$143 million liquidity at the end of August 2025 30 143 140 700,000 74.0 – RBL fully d
Slide 14: Guidance and Priorities
Investor Meet Company Presentation GUIDANCE AND PRIORITIES Metric Guidance Comments 2025 Priorities 2025 19,500 – 21,500 • Upgraded 1,000 boe/d at the midpoint in July 2025 Safe operations Group boe/d Production • Record annual production within the guidance range Deliver against • Growth vs. 2024 d
Slide 15: Current Valuation Does Not Reflect 2P Value of the Business
Investor Meet Company Presentation CURRENT VALUATION DOES NOT REFLECT 2P VALUE OF THE BUSINESS Adjusted ERCE 2P NPV10 vs. current market capitalization(1) UK listed E&P sector valuation on P/Core Net Asset Value(2) US$ million 900 Jadestone is trading at a 2.0x deep discount to the 799 value of its
Slide 16: Jadestone's Investment Case
Investor Meet Company Presentation JADESTONE’S INVESTMENT CASE Clear emphasis on operational performance from a refreshed and committed management team Strong H1 2025 and portfolio management feeds through into cash generation Progressing organic growth with strong momentum behind Vietnam gas commer
Slide 17: Appendix
Investor Meet Company Presentation Appendix October 2025
Slide 18: Asset Summaries – Indonesia and Vietnam
Half Year 2025 Results Presentation ASSET SUMMARIES – INDONESIA AND VIETNAM Akatara THE ASSET IN BRIEF • Onshore raw gas production processed into sales gas, LPGs and condensate • Asset performance continues to exceed expectations – plant uptime of 97.5% since scheduled May-25 shutdown • Large cost
Slide 19: Asset Summaries
Investor Meet Company Presentation ASSET SUMMARIES CWLH THE ASSET IN BRIEF • Four oil fields (Cossack, Wanaea, Lambert and Hermes) produced via the Okha FPSO offshore Australia • Low decline rate and low unit operating costs contribute to high-value barrels • Abandonment capex pre-funded through aba
Slide 20: Asset Summaries
Investor Meet Company Presentation ASSET SUMMARIES Montara THE ASSET IN BRIEF • Montara, Skua, Swift and Swallow fields produced via the Montara Venture FPSO • Foundation asset for Jadestone acquired in 2018. Focus on late-life field management to extend economic life • Montara oil liftings achieve
Slide 21: Notifiable Shareholders as of September 2025
Investor Meet Company Presentation Notifiable shareholders(1) as of 30 September 2025 Tyrus Capital 28.48% Fidelity International 9.85% Livermore Partners 5.92% Hargreaves Lansdown 5.90% Interactive Investor 4.53% River Global Investors 4.30% UBS Wealth Management 3.27% (1) AIM Rule 26 requires, int
Slide 22: Thank You
For further information, please contact: PHIL CORBETT Head of Investor Relations [email protected] THANK YOU October 2025
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