Jadestone Announces Interim Greenhouse Gas Emissions Reduction Targets

21 December 2023 – Singapore: Jadestone Energy plc (“Jadestone”, the “Company” or the “Group”), an independent upstream production company focused on the Asia-Pacific region, is pleased to announce its interim greenhouse gas (“GHG”) emissions reduction targets as part of its Net Zero pledge by 2040[1].

Since pledging its commitment to Net Zero by 2040 in June 2022, the Company conducted detailed studies of Jadestone’s existing operated asset base^[2] to develop a GHG emissions reduction roadmap. Jadestone identified a range of GHG emissions reduction measures, which were screened and subjected to technical and economic evaluation. Based on the GHG emissions forecasts in this roadmap, the Company is committing to reduce the combined absolute Scope 1 and 2 GHG emissions from its operated assets, (i) by 20% by 2026 and (ii) by 45% by 2030 (both from 2021 levels).

The interim 2026 and 2030 targets are expected to be achieved through a combination of flaring reduction measures, natural field declines and high quality carbon credits. The combined cost associated with the GHG emissions reduction measures incorporated into the interim targets set out above is currently estimated at US$15-30 million over the 2024-2030 period. The Company continues to identify, screen and implement new GHG reduction measures in an effort to further reduce direct emissions from its sites.

Paul Blakeley, President and CEO commented:

“The announcement of our interim GHG emissions reduction targets and associated investment is an important milestone for Jadestone on the road to Net Zero, and meets our commitment to report these by the end of 2023.

The Company believes that its strategy is a key component of the energy transition in the region, as existing fields and discoveries can fulfil hydrocarbon demand without requiring new resource additions from greenfield projects.

We look forward to providing further updates as we progress on our journey.”

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About Jadestone Energy

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region.  It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive upstream investment climate.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy’s business in Asia-Pacific, the Company is pursuing a strategy to grow and diversify the Company’s production base both organically, through developments such at Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through acquisitions that fit within Jadestone’s financial framework and play to the Company’s strengths in managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE).  The Company is headquartered in Singapore.  For further information on the Company please visit www.jadestone-energy.com.

This announcement may contain certain forward-looking statements with respect to the Company’s expectations and plans, strategy, management’s objectives, future performance, production, reserves, costs, revenues and other trend information.  These statements are made by the Company in good faith based on the information available at the time of this announcement, but such statements should be treated with caution due to inherent risks and uncertainties.  These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future.  There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts.  The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment.  Nothing in this announcement should be construed as a profit forecast.  Past share performance cannot be relied upon as a guide to future performance.  The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

This announcement does not include inside information.

[1] https://www.jadestone-energy.com/jadestone-announces-2040-net-zero-target/

[2] Montara, Stag, PM323, PM329