Jadestone Energy plc

Good morning and good afternoon, everyone. Welcome to JSON Energy's Happier 2025 Results conference call. I am Adel Shaouj, the Executive Chairman of JSON Energy, and I'm joined on the call here by Mitch Little, our CEO, as well as Andrew, our CFO. I will introduce the presentation before heading over to Andrew to walk us through the financials, and after that, Mitch, to walk us through the operational review. I will be taking you through a presentation which can be viewed through this link on the webcast you have now and also can be accessed on our website. We have prepared remarks and comments. After that, we will open the session for question and answers moderated by Ezra. Moving on past slide number two, which outlines our seven disclaimers, let's go now to slide number three, which we'll use to remind everyone of the JSON strategy and investment case. We believe that the key to successful strategy is strong governance and effective leadership team. As such, we have reshaped as a first priority our board over the past 12 months We refresh the makeup by strengthening technical and strategic capabilities. We have also slimmed down the size of the board to be more efficient in decision-making without compromising the mix of executives and non-executive directors. We have also worked hard to reshape and revitalize our leadership team with our latest addition, Mitch, our CEO. We believe that Mitch has the right skills and expertise to lead the enterprise for the success and to deliver on the strategy that we have shared with you who will deploy in the next three years. Mitch and I worked alongside for two decades. I'm pleased he joined us on our leadership team and would like to ask him to share his early thoughts in his first 120 days. Mitch.

Great. Thanks, Adele. It's really good to be rejoining forces with you. I'd also like to welcome and say thank you to everyone joining our call and the presentation today. And I'm really excited to be speaking with all of you for the first time as CEO of JadeStone. Since joining the company, of course, I've been spending a lot of time getting to know our people, our stakeholders, and of course our assets to make sure I've got an informed view, both of the opportunities within the portfolio and any challenges. And I'll say for starters, I've been really impressed with the capabilities and the commitments of our people and the opportunities that the existing portfolio has to offer. It's fair to say I've also recognized a few opportunities where we can enhance some of our existing processes and that'll allow us to drive further improvements in our late life asset management approach. As you know, Adele, and hopefully some of you on the call, my background is in running operations at scale. As the former COO of a large independent EMP where we had multinational onshore and offshore operations, production of about 350,000 BOEs a day. I learned the value of disciplined execution, safety and reliability excellence. And that's really what I'm focused on instilling here at Jade Stone. This will of course take a bit of time and no doubt there'll be a few challenges we'll have to address along the way. I mean, that's just the nature of managing mature oil and gas assets. However, I'm confident we're on the right track, and by working closely with our dedicated teams, we've already begun enhancing practices and processes that are going to further advance our operational excellence focus and discipline. I look forward to meeting many of you on the call in due course while we continue our work to demonstrate the full potential of this business and deliver the underlying value for our shareholders. I'll be sharing some more of my thoughts later, but for now, I'll hand it back to Adel. Thank you, Michel.

Thanks for those very thorough thoughts. Back to slide number three. So, as you can see, Jason has a significant growing footprint across Asia and the Pacific region. We have established material presence across Australia, Malaysia, Indonesia, and three of the top five upstream producers in the region. We are targeting production goal of around 20,000 barrels of oil per day this year, which will be an annual record for the third successive year. Very proud of that. We aim to extend this trajectory, growth trajectory, through organic options, particularly our Vietnam gas discoveries and acquiring further producing assets in oil and developed gas assets in our core areas. We have created and strengthened key stakeholder relations in our core areas, particularly Indonesia and Malaysia, which we plan on leveraging to enhance the value of our existing businesses, and assets and pursuing new opportunities in these regions. We'll be disciplined in pursuit of growth. This year, we have prioritized operational performance of our existing business with very positive results that we will talk about in the next few slides. However, there are areas we have to do better, and we are revisiting existing processes and procedures to be a best-in-class operator, but most importantly, the partner of choice in these areas. Continue to strengthen our balance sheet in order to protect us against any period of weaknesses in near-term oil prices, as well as providing us with the financial power to grow. We are confident that they are on track to achieve our goals and becoming the leading independent upstream company in the Asia-Pacific region. With that, I'll ask Ezra to go slide number four, where I will cover the highlights of the first half of 2025. Very pleased to report that the first half-year production has increased by 20% year-on-year to around 20,000-400,000 barrels of equivalent oil per day, a new record for the first half of this year. We also achieved this with an excellent health and safety record. There were no last-time injuries across our assets in the first half, and nearly 12 million aggregate man-hours had been worked across JSTO and businesses since the last last-time injury. As we said we would, we have delivered this uplift in operational performance through managing costs in our business, with adjusted unit costs down 22% year-on-year. This is not simply about cutting costs. It is making sure that our operation and water business are run efficiently and without waste. I will reiterate again, we will not sacrifice the health of our people and integrity of our assets. The increase in production and good cost control has translated into much improved financial performance year on year, detail of which Andrew will walk us through later on. We also today reiterate our production and cost guidance. One of our priorities in the first half was building financial resilience. The disposal of our Italian assets in a new working capital facility would put in place most of our liquidity. We have also added new price hedges to protect against any near-term weaknesses in oil prices. We've also been very busy executing on the group-wide strategic aims, progressed several options to refinance our existing debt, and perhaps most importantly, made real progress in the key agreements required to move our Vietnam discoveries significantly forward. We are increasingly confident that NAMDU and new main developments are near sight. With that, I will hand it over to you, Andrew, to walk us through the financials.