Jadestone Energy (LSE:JSE) reported record production for 2025 of 19,829 barrels of oil equivalent per day, supported by higher liftings, improved operational performance and a 19% reduction in production costs. The company also recorded stronger safety metrics and a 20% increase in adjusted EBITDAX during the year.
Despite the improvement in underlying cash flow and lower net debt levels, Jadestone posted a net loss after tax of US$110.7 million, largely due to an impairment charge of US$88.2 million. The group also completed the monetisation of its interest in the Sinphuhorm asset while continuing to maintain progress across its reserves and resources portfolio.
In early 2026, the company further strengthened its financial position through the issuance of a heavily oversubscribed US$200 million Nordic bond. Proceeds from the financing were used to refinance Jadestone’s reserves-based lending facility, helping significantly reduce net debt by April.
Operationally, Jadestone advanced the Nam Du/U Minh gas project in Vietnam after securing development approval and finalising a gas sales agreement. However, the company also highlighted temporary production challenges linked to cyclone damage at the Stag field and maintenance-related downtime at the Okha FPSO. Management said these disruptions are not expected to materially affect full-year guidance, which remains unchanged.
The company’s broader outlook continues to be constrained by weak financial metrics, including declining revenue trends, negative profitability, elevated leverage and negative cash flow generation. Technical indicators remain mixed but generally soft, with the shares trading below short-term moving averages and momentum indicators remaining subdued. A relatively low price-to-earnings valuation provides some offset to these pressures.
More about Jadestone Energy Inc
Jadestone Energy PLC is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing and development assets across Australia, Vietnam, Malaysia and Thailand. The group specialises in offshore oil and gas operations and aims to generate resilient cash flow through a diversified portfolio exposed largely to Brent-linked pricing.
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