Reserves and Resources

Reserves and resources estimates for Jadestone’s assets were prepared for the Company by ERC Equipoise Pte. Ltd. (“ERCE”), a qualified reserves evaluator.

Reserves Report Summary 1

Effective 31 December 2020

Lemang Competent Person’s Repor2

Effective 31 December 2020

(1) With respect of the Montara and Stag reserves report, ERCE has carried out their evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook as amended from time to time (the “COGE Handbook”) maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter).
(2) In respect of the Lemang CPR, ERCE has carried out the work using the June 2018 SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System (“PRMS”) as the standard for classification and reporting.
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