2024 Trading Update, Reserves and 2025 Guidance

25 February 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group") announces a trading update for the year ended 31 December 2024, the results of its independent year-end 2024 reserves evaluation and 2025 guidance.

2024 Highlights

• 2024 average production of 18,696 boe/d, a year-on-year increase of 35% (2023: 13,813 boe/d).
• Successful commissioning of the Akatara gas processing facility, with year to date 2025 production in line with expectations.
• Independently audited 1P reserves by ERCE of 48.6 mmboe at year-end, with a 1P reserves replacement ratio of more than 200%, greatly increasing the Group's resilience.
• Independently audited 2P reserves by ERCE of 68.3 mmboe at year-end, resulting in a 2P reserves replacement ratio of 104%.
• The 2P reserves are valued by ERCE at US$799 million, or an implied per share value of 102 GBp[1] after deducting the Group's year-end 2024 net debt position of US$104.8 million.
• 2C contingent resources of 125.7 mmboe at year-end 2024.
• No material safety events in 2024 and a lost time injury ("LTI") rate lower than the industry IOGP average, with Malaysia and Indonesia operations achieving a combined 10 million manhours without an LTI.

2025 Guidance Highlights

• Production: 19,000 - 22,500 boe/d.
• Operating costs: US$250-300 million.
• Capital expenditures: US$75-95 million.
• Unlevered free cash generation[2]: US$270-360 million (2025 - 2027).

Adel Chaouch, Executive Chairman of Jadestone, commented:

"We have entered 2025 as a re-energized business, boosted by the onset of stable production from Akatara, driving overall Group production significantly higher and setting a new monthly record and annual exit rate in December 2024. Our primary focus in 2025 is to deliver operational excellence in the form of safe, stable and efficient operations, and setting realistic targets and delivering on them. Our 2025 production guidance of 19,000-22,500 boe/d reflects this mindset and would represent another year of record production for Jadestone. Our expectations for 2025, supported by a disciplined approach to capital allocation across the business, will pave the way for Jadestone to start generating meaningful levels of free cash flow.

Jadestone's current share price does not reflect the value of our portfolio. This is clear from the results of our year-end 2024 independent reserves evaluation, which shows that we fully replaced production on both a 1P and 2P basis in 2024, but more importantly, calculates a 2P NPV10 of US$799 million for our producing assets as at 31 December 2024. After taking into account our year-end 2024 net debt position, the resulting value of our producing assets is a multiple of our current share price. Furthermore, this does not attribute any value to the growth options of the Group, particularly our significant gas resources in Vietnam, which we are progressing closer towards commercialization. We also continue to see opportunities to create value from our existing platform through acquisitions, but we will be financially disciplined in the pursuit of growth."

2024 Trading Update[3]

• 2024 production averaged 18,696 boe/d, in line with guidance and an annual record for Jadestone, representing 35% production growth year-on-year. The 2024 exit rate (December 2024 average) was c.24,000 boe/d, a monthly record for the Group and an increase of c.40% compared to January 2024.
• The average realised price for the Company's oil sales was US$85.2/bbl in 2024 (2023:US$87.3/bbl), with the underlying Brent price comparable with the prior year, while the average premium to Brent for the Group's oil sales decreased, primarily due to the greater weighting of CWLH liftings in sales. Initial Akatara LPG and condensate sales totalled c.150,000 barrels and sold for a weighted average price of US$56.7/bbl. The average gas price increased to US$3.63/mmcf, year-on-year, reflecting the initial impact of gas sales from Akatara.
• Revenues for 2024 increased by 28% to US$395.0 million, primarily reflecting the increase in liftings during the year, partially offset by a US$27.4 million loss from hedges originally entered into during 2023 to support the Group's reserves-based lending facility.[4]
• Total estimated production costs for the year of US$261.1 million. Excluding royalties and carbon taxes of US$17.7 million, the net figure of US$243.4 million came in at the lower end of the US$240-280 million guidance range, exhibiting good cost control throughout the year. The increase in production costs compared to 2023 primarily reflects the increased interest in the CWLH fields and the onset of production from Akatara.
• Capital expenditure for 2024 is estimated at US$69.7 million, below the lower end of the guidance range of US$80-110 million. This was due to the timing and deferral of several capital projects originally included in 2024 guidance. Capex declined year-on-year, primarily reflecting the completion of development activity at Akatara.
• Net debt of US$104.8 million at 31 December 2024 reflects US$95.2 million of consolidated Group cash balances (restricted and unrestricted cash) and US$200 million of debt drawn at the year end.

2024 Reserves Update

• Group 1P reserves as at 31 December 2024 have been independently assessed by ERCE at 48.6 mmboe, representing 202% 1P reserves replacement in 2024. 1P reserves replacement was driven by inclusion of the 1P reserves associated with the CWLH 2 acquisition, which completed in February 2024, as well as improved well performance and uptime at Montara and the PM 323 asset in Malaysia.
• Group 2P reserves as at 31 December 2024 have been independently assessed by ERCE at 68.3 mmboe, representing 104% 2P reserves replacement in 2024. 2P reserves replacement was primarily driven by inclusion of the 2P reserves associated with the CWLH 2 acquisition.
• ERCE has assessed the remaining 2P NPV10 of Jadestone's producing assets at US$799 million1.
• After deducting the Company's year end 2024 net debt of US$104.8 million, this implies a per share for the Company's reserves, net of debt, at 102 GBp1.
• Group 2C resources as at 31 December 2024 are estimated at 125.7 mmboe, an increase of c.19% year-on-year, mainly reflecting the addition of 2C resources associated with the Puteri Cluster and the CWLH 2 acquisition. Approximately 75%, or 93.9 mmboe, of the Group 2C resources at 31 December 2024 relates to the significant resource contained in the Company's gas discoveries offshore Vietnam.
• Following the year-end reserves evaluation, the Group expects to record a modest impairment to the carrying value of the Stag asset in the Group's accounts for the year ended 31 December 2024.

2025 Guidance

• 2025 production is expected to average 19,000-22,500 boe/d, an 11% increase on 2024 at the midpoint, which would represent an annual record for Jadestone. 2025 production is expected to be split approximately 80:20 oil:gas.
• 2025 Group operating costs are expected to be in the range of US$250-300 million. On a like-for-like basis compared to the preliminary estimate of 2024 operating costs[5], 2025 guidance at the midpoint would see operating costs broadly flat year-on-year.
• 2025 Group capital expenditure is expected to be US$75-95 million. The majority of 2025 capex is the drilling of the Skua-11 sidetrack, which is currently expected during the second quarter of 2025, subject to arrival of the rig on schedule, and which is expected to increase Montara production when brought onstream.
• Based on an US$70-80/bbl Brent oil price range, the Group expects to deliver c.US$270-360 million of free cash flow (pre debt servicing) over the 2025-2027 period2.
• A key focus for 2025 is the operating model and cost structure of the Group, and to ensure an appropriate capital structure to support the ongoing growth and future strategy of the Group.

The financial information in this update is unaudited and may be subject to further review and change.

An updated investor presentation has been uploaded to the Company's website at www.jadestone-energy.com.

Glossary

[1] Based on ERCE Brent oil price assumptions in 2025 real terms, 2025: US$76/bbl, 2026: US$74/bbl, 2027: US$75/bbl flat thereafter, a US$:GBP rate of 1.26 and ordinary shares currently in issue of 541,110,799. The post-tax 2P NPV10 reflects the latest estimates of operating costs, capital expenditures and decommissioning costs required to produce the Group's 2P reserves. The Group's estimate of 2P NPV10 after deducting year-end 2024 net debt does not incorporate other costs and liabilities, such as overheads not charged to individual assets, hedging associated with the Group's reserves based lending facility, and decommissioning costs associated with non-producing assets.

[2] Based on a Brent oil price range of US$70-80/bbl (real terms from 2025). Assumes midpoint of internal production expectations and that all barrels produced during 2025-27 are sold in the period. Does not reflect any capital expenditure or abandonment spend outside the Group's producing assets.

[3] Totals may not add due to rounding. The Group's liftings do not include any contribution from the Sinphuhorm asset, which is treated as an investment in associate and hence equity accounted in the Group's consolidated financial statements. Estimated 2024 total production costs are unaudited. 2023 and 2024 production costs in the table above do not include any impact from inventory and/or lifting adjustments, allocation of lease payments between operating costs and financing costs and accruals for decommissioning payments.

[4] The remaining oil price hedges originally entered into during 2023 extend through to the third quarter of 2025.

[5] Based on a preliminary unaudited estimate of 2024 operating costs, excluding inventory and lifting movements and including G&A allocation