Board Changes

16 January 2025 – Singapore: Jadestone Energy plc (AIM:JSE) (the “Company” and together with its subsidiaries, “Jadestone” or the “Group”), an independent upstream production company focused on the Asia-Pacific region, is pleased to announce the appointment of David Mendelson to Jadestone’s Board of Directors (the “Board”) as an independent Non-Executive Director, effective immediately. On appointment, he will join the Board’s Remuneration Committee and Governance and Nomination Committee. 

David Mendelson has 35 years of experience in the energy sector, the last 25 of which were with TotalEnergies in positions of increasing responsibility and seniority prior to his retirement in 2023.  Immediately prior to retirement, he was a member of the TotalEnergies E&P Executive Committee, holding the position of Senior Vice President for TotalEnergies’ Exploration and Production Business in the Americas, covering eight different countries including operations in USA, Canada, Argentina, Bolivia and Brazil, representing more than 400kboe/d of production in 2022, and exploration and appraisal operations in Mexico, Guyana, and Suriname.

Prior to this, he was TotalEnergies’ E&P Senior Vice President for Strategy, Global New Ventures and Research and Development, and prior to that, Vice President of E&P Global New Ventures, where he led a team that concluded asset acquisitions and divestments across the globe, including in the Asia-Pacific region.  Between 2014 and 2015 he led TotalEnergies’ E&P business in Australia.  Throughout the latter stage of his career at TotalEnergies, he regularly interacted with the Executive Committee of the company and was a member of the wider team of senior executives.

Separately, and after over eight years on the Board, Cedric Fontenit has signalled his intention to step down as a Non-Executive Director of the Company on 20 January 2025 to focus on his other business interests.

Adel Chaouch, Executive Chairman of Jadestone, commented:

“I am very pleased that someone of David Mendelson’s caliber has agreed to join Jadestone’s Board, and this appointment should send a strong signal about the attractiveness of our Asia-Pacific platform and investment case.  I have no doubt that the experience accumulated during David’s long and successful career at TotalEnergies will add significant value to the Board’s stewardship and governance of the Company.  On behalf of the Board and Company, I welcome him to Jadestone and am looking forward to working with him in pursuit of our strategic aims.

I would also like to thank Cedric Fontenit for his service as a Non-Executive Director. He has been integral to the significant growth and development of Jadestone since being appointed to the Board in 2016, and we wish him every success in his future business endeavours.”

Regulatory disclosures

The following information is disclosed under Rule 17 and Schedule Two, paragraph (g), of the AIM Rules for Companies:

David John Mendelson, aged 60, does not directly hold any ordinary shares nor options over ordinary shares in the Company and has held the following directorships in the past five years:

There is no further information which is required to be disclosed under Schedule Two, paragraph (g), of the AIM Rules for Companies in respect of David John Mendelson.

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About Jadestone Energy

Jadestone Energy plc is an independent upstream 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.

The Company is pursuing a strategy to grow and diversify the Company’s production base both organically, through developments such as at Akatara in Indonesia, Nam Du/U Minh in Vietnam and the PNLP Cluster offshore Malaysia, 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.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.