Highlights

  • Jadestone Energy 2025 average production reached a record 19,829 boe/d, up 6% year-on-year.
  • Total production costs fell 14% to USD 243.0 million despite higher output.
  • Net debt declined 15% year-on-year to USD 89.0 million on 31 December 2025.
  • The company’s 2025 revenue increased 3% to USD 408.1 million after hedging

Jadestone Energy plc’s (LSE:JSE) released its trading statement on 3 February 2026, covering operational and financial performance for the full year ended 31 December 2025. The figures are unaudited and subject to final review.

Jadestone reported average Group production of 19,829 boe/d (barrels of oil equivalent per day) during FY 2025, marking a new annual high and representing a 6% increase year-on-year. Production remained within the company’s guidance range of 19,500–21,500 boe/d.

Underlying production from retained assets increased 14% year-on-year, excluding the Sinphuhorm field interest that was disposed of during the year. Performance at the Akatara field supported Group output, with average production of approximately 6,100 boe/d, driven by processing facility uptime of 94.4% and throughput optimisation.

Cost Reductions and Operational Discipline

Total production costs for FY 2025 were reported at USD 243.0 million, down from USD 282.8 million in the prior year and delivered at the lower end of guidance. The reduction followed measures taken to offset higher capital costs linked to the Skua-11ST drilling campaign, alongside broader cost discipline across the Group.

Capital expenditure for the year totalled USD 112.7 million in FY25, compared with USD 74.5 million in FY 2024, reflecting drilling activity during the period and remaining within the guided range of USD 105–115 million.

Financial Performance and Balance Sheet

FY 2025 revenues, post-hedging, increased 3% year-on-year to USD 408.1 million. The average realised oil price declined to USD 74.42 per barrel, reflecting lower Brent benchmark prices compared with the prior year.

Net debt on 31 December 2025 stood at USD 89.0 million, down from USD 104.8 million a year earlier. This comprised USD 61.0 million of cash and USD 150.0 million of debt. The Group’s USD 30.0 million working capital facility remained undrawn at year-end.

The company also reported a profit of USD 17.2 million from the disposal of its Thailand interests in April 2025.

Project Progress and Outlook

During 2025, Jadestone secured approval from Petrovietnam for the Field Development Plan at the Nam Du/U Minh discoveries offshore Vietnam, with final government approval pending. Preparations were also outlined for an infill drilling campaign offshore Malaysia.

The company confirmed that 2026 guidance will be released alongside its end-2025 reserves update later in February 2026. Jadestone also noted an expected non-cash impairment related to lower oil price assumptions at year-end.