Aim 100 

The Aim 100 2019: 90 to 81

The Aim 100 2019: 90 to 81

90. Jadestone Energy

Jadestone Energy (JSE) vaults into this year’s rankings courtesy of last August’s $110m placing and secondary offering, which helped the Canadian independent secure the $195m purchase of the Montara project, offshore Australia.

The addition of Montara – whose fields at last count held 28.2m barrels of proven and probable oil reserves – has lifted daily production to more than 15,000 barrels of oil per day (bopd). It’s a relatively mature asset, but management plans to double output by 2024 through further infill drilling, exploration activities, and by connecting Montara’s infrastructure to the “multiple oil and gas discoveries and previously suspended fields” in neighbouring blocks.

Last November, analysts at BMO Capital Markets forecast that the group’s balance sheet cash would exceed its market capitalisation – which stood at £161m at the time – within three years. That requires free cash flow yields to range between 30 and 50 per cent a year, which requires a lot of catalysts to come good. Hold. AN

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now