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JADESTONE ENERGY

OUR HISTORY

2021

April

Announced its intention for the Directors to recommend a 2020 final dividend of 1.08 US cents per share, or US$5.0 million in total, following the completion of an internal restructuring and capital reduction.

Completed an internal reorganisation resulting in a new UK-based parent company, Jadestone Energy plc.

Executed a sale and purchase agreement to acquire various operated and non-operated assets in Peninsular Malaysia.

August

Completed the Peninsular Malaysia acquisition.

September

Declared an interim dividend of 0.59 US cents/share, equivalent to a total distribution of US$2.8 million.

2020

March

Announced measures to maintain the Company’s strong balance sheet, including a delay of the Vietnam Nam Du and U Minh development, resulting in a circa US$90mm reduction to its 2020 capital guidance.  Expected first gas date for the project will be no earlier than late 2022.

De-listed from the Toronto Stock Exchange – Ventures.

June

Granted relief from certain Canadian disclosure obligations, generally consistent with the relief granted to a designated foreign issuer.  Financial information to be reported semi-annually, point forward.  Reserves reporting practices unchanged.

Executed an agreement to acquire a 90% operated interest in the Lemang PSC, onshore Indonesia for initial headline cash consideration of US$12 million.

September

Declared a maiden interim dividend of 0.54 US cents/share, a total distribution of US$2.5 million, in line with guidance for the year of a full year dividend of US$7.5–12.5 million, split approximately one-third/two-thirds between interim/final.

November

Announced a full and final settlement of a dispute in respect of Block 05-1 PSC, offshore Vietnam.

Announced the voluntary relinquishment and termination of Service Contract 56, offshore Philippines.

2019

April

Signed a Heads of Agreement with Petrovietnam relating to gas sales from the Nam Du and U Minh gas fields, offshore Southwest Vietnam.

May

Successfully drilled the Stag 49H infill well, the first well on the field in six years, and placed it on production at an initial rate of 1,400 bopd.

August

Australia’s upstream regulator NOPSEMA accepted Jadestone’s safety case for the Montara project.  Operatorship was formally transferred to Jadestone.

Completed an innovative Riserless Light Well Intervention programme at Montara to restore gas-lift to key subsea wells and access additional reservoir sands.

September

Installed replacement subsea umbilical cables at the Montara complex.

Announced the adoption of a dividend policy, targeting a 2020 maiden full year dividend in the range of US$7.5 million and US$12.5 million.

November

Executed a definitive Sale and Purchase Agreement to acquire the Maari Project, offshore New Zealand for headline cash consideration of US$50 million.

2018

January

Hedged 350,000 bbls of crude oil in H1 2018 at US$64.60/bbl, and 350,000 bbls of crude oil H2 2018 at US$65.00/bbl.

Wins APAC New Entrant of the Year award from the Oil & Gas Council.

February

Jadestone and Pertamina appointed to temporarily manage the Ogan Komering working area for up to six months, while finalising a new Gross Split PSC.

May

Gross Split Production Sharing Contract for Ogan Komering awarded to Pertamina.  Jadestone in business-to-business negotiations to define ongoing joint venture participation.

Outline Development Plan approved for Nam Du and U Minh fields in Vietnam.  FEED and gas sales agreement negotiations begin.

July

Executed a definitive Sale and Purchase Agreement to acquire the Montara Oil Project, offshore Australia for cash consideration of US$195 million.

Announced a placing of new common shares to raise gross proceeds of US$95 million, a reserve based lending facility of US$120 million, and intent to apply for listing on AIM.

August

Completed the placing of common shares, upsized to US$110 million and cancelled the convertible debt instrument.

Admission Document published, and trading begins on AIM.

September

Drew US$120 million from a senior secured lending facility.

Completed the Montara project acquisition.

November

A maintenance and inspection shutdown rectified a significant inspection backlog and a number of notices of improvement issued to the operator.  Production came back on stream on January 11, 2019.

2017

March

Announced withdrawal from the Bone production sharing contract offshore Indonesia.

Closed the acquisition from Repsol of a 50% interest in the Ogan Komering Production Sharing Contract, Sumatra, Indonesia; David Lamb joins Jadestone as Indonesia Country Manager.

June

Announced planned executive leadership change; Paul Blakeley assumes role of CEO, Michael Horn becomes EVP Corporate and Business Development.

July

Completed the NOPSEMA regulatory process, Stag operatorship transferred to Jadestone.

October

Stag milestone average production rate exceeding 3,600 bbl/d.

November

Announced change in fiscal year end to December 31st.

Announced intention to explore addition listing on the London Stock Exchange’s AIM market.

November (continued)

Reported first ever quarterly positive gross profit, positive cash flow from operations.

December

Appointed Dennis McShane as Non-Executive Chairman of the board.

Stag environmental plan accepted by NOPSEMA.

2016

June

Announced changes to the board of directors and senior management; Paul Blakeley appointed as Executive Chairman, Michael Horn appointed Interim CEO; Paul Blakeley, Cedric Fontenit and David Neuhauser join the board.

New leadership team and board of directors reinforces the major shift in strategy, driven by a new leadership team and board of directors. The company’s approach is to establish itself as a leading oil and gas development and production company in the Asia Pacific region.

July

Agreed acquisition of Stag Oilfield.

Closed private placement of 700,000 common shares.

August

Agreed acquisition of 30% working interest in the Blocks 05-1b and 05-1c Production Sharing Contract, offshore Vietnam, subject to a statutory pre-emption right held by Petrovietnam.

October

Announced pricing of private placement at $0.45.

November

Closed acquisition of Stag Oilfield.

Announced closing of C$53million non-brokered private placement.

Announced US$68 million new funding through combination of a non-brokered private placement and a convertible debt facility.

December

Appointed Dan Young as Chief Financial Officer.

Mitra Energy Inc. changed its name to Jadestone Energy Inc., reinforcing a major shift in strategy.

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