What Jadestone Energy Inc. does

Jadestone Energy Inc. is an Asia-Pacific focused independent upstream oil and gas production and development company headquartered in Singapore and listed on London's AIM and Toronto's TSX-V under the ticker JSE. The company operates a portfolio of six producing fields and one major development project spanning Australia (Montara, Stag, and CWLH), Malaysia (East Belumut), Indonesia (Ogan Komering, Akatara), Thailand (Sinphuhorm), and Vietnam (Nam Du/U Minh). Roughly 400 employees support operations across regional offices in Perth, Jakarta, Ho Chi Minh City, and Singapore. The business model centres on maximising production from already-producing fields through infill drilling, well intervention, and operational optimisation, plus the development of fully appraised gas resources near existing pipeline infrastructure — explicitly avoiding new exploration, consistent with a stated Net Zero Scope 1 and 2 GHG target by 2040.

The company's revenue is generated through two principal streams: crude oil production sold via offtake contracts and spot market liftings to refiners and traders, and natural gas sold under long-term take-or-pay Gas Sales and Purchase Agreements to state-owned utilities such as PV Gas in Vietnam and PTT in Thailand. Crude oil pricing carries quality-based premiums to Brent (approximately US$14/bbl on Malaysian oil and ~US$3.50/bbl on Montara crude), while gas pricing is typically linked to fuel oil benchmarks. Notable technical capabilities include a Malaysia-record 4.1 extreme-reach drilling ratio at East Belumut, a 1,200-metre horizontal reservoir section drilled approximately 20% under budget, and an approved Montara wellhead removal methodology. FY2025 revenue was approximately $408 million with guided adjusted EBITDAX of $146 million, against 2025 average production of 19,829 boe/d and 56 MMboe of 2P reserves at year-end.

Jadestone's go-to-market is relationship-driven and bilateral: direct commercial negotiations with national oil companies and state utilities in Southeast Asia (Petrovietnam, PETRONAS, PTT) secure offtake terms, while equity ownership and operatorship of producing and development assets are governed by production-sharing contracts and working-interest arrangements negotiated with host governments. The company's growth strategy has combined disciplined M&A — including the 2016 Stag acquisition, the 2018 Montara acquisition from Inpex for US$133.1 million, the 2022–2024 build-up of CWLH interest to 33.33%, and 2023 entry into Thailand — with organic infill drilling programmes that have driven double-digit production growth and material operating cost reductions. A March 2026 oversubscribed $200 million senior secured bond issue refinanced reserve-based lending and provides development capital for the Vietnam Nam Du/U Minh project, where first gas is targeted for late 2028 under a take-or-pay GSPA with PV Gas.

Name

Jadestone Energy Inc.

Legal name

Jadestone Energy plc

Website

https://jadestone-energy.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

251–500 employees

Short description

Jadestone Energy Inc. is an Asia-Pacific upstream oil and gas producer and developer that operates producing fields across Australia, Malaysia, and Indonesia, develops gas resources in Vietnam and Thailand, and sells crude via offtake contracts and gas under long-term take-or-pay agreements to state-owned utilities.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (211120), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

akta.pro secondary industry

Drilling & Well Construction (Rig Ops, Directional, Casing, Cementing) (EUAAAAAI)

Keywords

• Upstream oil production
• Natural gas development
• Offshore field operations
• Crude oil sales
• Asia Pacific energy

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Crude Oil Production Sales: Jadestone produces crude oil from six producing fields across Australia, Malaysia, and Indonesia. Oil is sold via offtake contracts and spot liftings. The company achieves a premium to Brent crude pricing; Malaysia oil sales attract a US$14/bbl premium to Brent.
2. Natural Gas Production Sales: Gas sales under long-term Gas Sales and Purchase Agreements (GSPA) with state-owned utilities. Vietnam Nam Du/U Minh development targets daily contract quantity of 80 million scf/day (~13,000 boe/d gross) with take-or-pay provision at 90% of DCQ.
3. Sinphuhorm Gas Sales (Thailand): Sinphuhorm gas exported via 64km pipeline to Nam Phong power plant under long-term take-or-pay GSA with PTT, with gas price linked to high sulphur fuel oil.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Jadestone Energy is an upstream oil and gas production and development company operating a portfolio of producing fields and development projects across the Asia-Pacific region. The company produces crude oil from six fields in Australia, Malaysia, and Indonesia, and natural gas from fields in Thailand, with a major gas development project underway in Vietnam targeting first gas in late 2028. Revenue is generated through crude oil sales via offtake contracts and spot liftings (achieving premium pricing to Brent), and through natural gas sales under long-term take-or-pay gas sales and purchase agreements with state-owned utilities.

Product overview

Jadestone Energy is an upstream oil and gas production and development company operating a portfolio of producing fields and development projects across the Asia-Pacific region. The company's producing assets include the Montara Project and Stag Oilfield (100% operated) and CWLH (33.33% non-operated) in Australia, and the East Belumut field in Malaysia. Development projects include the Nam Du/U Minh gas fields in Vietnam and the Sinphuhorm gas field in Thailand. The company targets maximizing value from existing fields through infill drilling and life extension activities without new exploration.

Differentiator

Problem solved

Functional benefit

Products and services

• Montara Project Jadestone-operated producing oil project in the Timor Sea, approximately 630 km offshore Western Australia, featuring platform production wells and subsea wells tied back to a floating production storage and offloading (FPSO) facility. Sells crude via offtake arrangements with premium pricing to Dated Brent.
• Stag Oilfield Jadestone-operated producing oil field offshore Western Australia, with infill drilling activities targeting unswept reserves. Crude sold via offtake contracts.
• Cossack-Wanaea-Lambert-Hermes (CWLH) Oil Fields Jadestone holds 33.33% non-operated interest in CWLH oil fields in the North West Shelf region offshore northwest Australia, producing through the Ohka FPSO. Aggregate gross 2P reserves of 36.9 mmbbls at December 2024.
• East Belumut Field (Malaysia) Offshore Malaysia oil field where Jadestone conducts infill drilling campaigns using extended-reach wells. East Belumut oil sales attract a US$14/bbl premium to Brent, with total field production increase of 6,000 bopd from infill drilling campaign.
• Nam Du / U Minh Gas Fields (Vietnam) Gas development project offshore Vietnam targeting first gas production in late 2028, with gross 2P reserves of 32 million boe. Gas will be sold to PV Gas under a long-term GSPA at 80 million scf/day with take-or-pay provision at 90% of DCQ, supporting the 1.5GW onshore Ca Mau power complex.
• Sinphuhorm Gas Field (Thailand) Jadestone holds 9.52% non-operated interest in the Sinphuhorm gas field onshore northeast Thailand, producing dry gas for the Nam Phong power plant via a 64km pipeline under a long-term take-or-pay GSA with PTT, with gas price linked to high sulphur fuel oil and very low operating costs.

Quantifiable outcome

• 14% year-on-year production growth in 2025 to record 19,829 boe/d
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• PV Gas (Petrovietnam)coreStrategic or Co-development Partner · 20 April 2026Jadestone Energy signed a gas sales and purchase agreement (GSPA) with PV Gas, a subsidiary of Vietnam's state-owned Petrovietnam, for gas supply from the Nam Du/U Minh discoveries offshore Vietnam. The agreement establishes a daily contract quantity of 80 million scf/day (~13,000 boe/d gross) with a take-or-pay provision at 90% of DCQ. Production targeted to begin in late 2028. Development contains gross 2P reserves of 32 million boe.
• Bhagwan MarineminorChannel Partner/ Reseller/ Distributor · 9 October 2025Australian marine solutions company Bhagwan Marine holds a two-year contract extension with Jadestone Energy and Vermilion Energy for the provision of marine, cargo, and offtake support services, valued at A$16.49 million (~$16.49 million).
• PetrovietnamcoreStrategic or Co-development PartnerState-owned Petrovietnam (through subsidiary PV Gas) is the counterpart to the Vietnam gas development. Petrovietnam approved the Field Development Plan for Nam Du/U Minh in March 2026 and holds back-in rights under the PSC.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Pharos Energy: AIM-listed independent upstream oil and gas company with producing and development assets in Vietnam and Egypt. Highly comparable to Jadestone given Vietnam-focused asset base, AIM listing, similar size, and independent upstream E&P business model.
• Genel Energy: AIM-listed independent oil and gas company focused on production and development in the Kurdistan Region of Iraq. Comparable to Jadestone in AIM listing, small-mid cap independent E&P business model, production growth orientation, and Phil Corbett (Jadestone IR head) previously led Genel IR.
• Cooper Energy Limited: ASX-listed Australian upstream oil and gas producer focused on production and development in southern Australia and Indonesia. Comparable to Jadestone in production-focused strategy, Southeast Asian (Indonesia) asset presence, and similar small-mid cap scale.
• EnQuest PLC: UK-listed independent upstream oil and gas producer focused on mature field redevelopment and life-extension operations in the UK North Sea and Malaysia. Comparable to Jadestone in business model (maximising mature fields), size, AIM listing, and Southeast Asian asset exposure via its Malaysian operations.
• Hibiscus Petroleum: Malaysia-listed independent upstream oil and gas company focused on producing and development assets in Southeast Asia and the UK. Highly comparable to Jadestone given similar Asia Pacific regional focus, independent E&P business model, and similar production scale.
• Carnarvon Petroleum: Australia-listed (ASX) junior oil and gas explorer and developer with assets in Australia and Southeast Asia. Comparable to Jadestone in Asia Pacific upstream focus, small-mid cap public listing, and development-stage asset portfolio.

Broad incumbents

• INPEX Corporation: Japan-listed major Asia Pacific upstream oil and gas company with extensive operations across Australia and Southeast Asia. Comparable as a major Asia Pacific E&P operator that previously sold assets to Jadestone (Montara) and operates in overlapping geographies.
• Beach Energy Limited: ASX-listed mid-cap Australian upstream oil and gas producer with diversified producing assets across Australia. Comparable to Jadestone in upstream production focus, Australian operating presence, and Asia Pacific regional footprint, though materially larger and more diversified.
• PTT Exploration and Production (PTTEP): Thailand-listed national upstream oil and gas company and major Southeast Asian E&P operator. Comparable as an Asia Pacific upstream producer with overlap in Southeast Asian operating geographies and counterparty relationship with Jadestone via PTT gas sales.

Emerging players

• Eco (Atlantic) Oil & Gas: AIM and TSX-listed emerging upstream oil and gas company focused on exploration and development offshore Guyana and South Africa. Comparable to Jadestone as a small-cap AIM-listed upstream company, though more exploration-weighted versus Jadestone's production focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/JadestoneEnergy
• Facebookfacebook.com/JadestoneEnergy
• LinkedInlinkedin.com/company/Jadestone-Energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jadestone Energy Inc.