Jadestone Energy (LSE:JSE) reported record group production for 2025 of 19,829 barrels of oil equivalent per day, an increase of 6% year on year and in line with guidance. Performance was driven by stronger-than-expected output and high operational uptime at the Akatara project, offsetting the impact of the disposal of its Sinphuhorm interest in Thailand.
Cost discipline remained a key feature of the year, with total production costs falling 14% to US$243m. This supported a 3% increase in post-hedging revenue to US$408.1m, despite lower realised oil prices. Net debt was reduced by 15% to US$89m, even as capital expenditure remained elevated, largely reflecting investment in the Skua-11ST drilling campaign.
Operationally, the company highlighted a strong safety performance, surpassing 12 million man-hours without a lost-time injury. Momentum across the portfolio continues, with regulatory approvals progressing for the Nam Du/U Minh gas development in Vietnam and an infill drilling programme planned offshore Malaysia. Jadestone also pointed to higher realised gas prices, partial oil price hedging extending into 2026 and an expected non-cash impairment linked to lower long-term oil price assumptions as part of its ongoing efforts to strengthen financial resilience and manage commodity price volatility.
Overall, the company said these developments reinforce its strategy of disciplined operations, cost control and selective growth across the Asia-Pacific region, while continuing to build a pipeline of gas-weighted projects to support longer-term stability.
From an investment perspective, the outlook remains influenced by financial challenges, including leverage and negative cash flows. These factors are partly offset by an attractive valuation and recent positive corporate developments, while technical indicators suggest broadly neutral share price momentum.
More about Jadestone Energy Inc
Jadestone Energy Inc is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing and development assets across Australia, Malaysia, Indonesia and Vietnam. Headquartered in Singapore and listed on AIM in London, the group pursues growth through a combination of organic development projects and acquisitions, applying operational expertise to improve efficiency, reduce costs and extend asset life. Jadestone is also increasing its exposure to gas and has set a target of achieving net zero Scope 1 and 2 emissions from operated assets by 2040.
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