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25 March, 2024

Board Changes

Board Changes

25 March 2024 – Singapore: Jadestone Energy plc (“Jadestone”, or the “Company”), an independent upstream company focused on the Asia-Pacific region, announces the following changes to its Board of Directors (the “Board”).

Further to the announcement of 23 February 2024, Dr Adel Chaouch has been appointed to the Board as an independent Non-Executive Director following completion of due diligence.

Dr Chaouch was Executive Director and Chief Executive Officer of ShaMaran Petroleum Corp., part of the Lundin Group of Companies, operating in the Kurdistan Region of Iraq, and prior to that he led Marathon Oil Company’s (“Marathon”) interests in the Middle East and North Africa.  He was also responsible for the creation of a gas hub in Equatorial Guinea.  Prior to working for Marathon, Dr Chaouch held positions of increasing responsibility for Raytheon E&C company, primarily on major projects largely in the oil and gas sector.  He holds a Masters and a Ph.D. in Engineering from Texas A&M University.

In line with the announcements of 25 January 2024 and 23 February 2024 respectively, Robert Lambert and Lisa Stewart have stepped down from the Board with immediate effect.

Dennis McShane, Chair of Jadestone, commented:

“We welcome Adel to Jadestone’s Board.  His extensive upstream experience and skillset will greatly benefit the company. We also extend our deepest thanks to Robert and Lisa for their guidance and contributions over the years. We wish them well for the future.”

Regulatory disclosures

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

Dr Adel Chaouch, aged 55, has held the following directorships and/or partnerships in the past five years:

  • Bilateral Chamber of Commerce (current)
  • Blue Crest Ventures, LLC (current)
  • 0781756 BC Limited (previous)
  • Association of the Petroleum Industry of Kurdistan (previous)
  • Bayou Bend Petroleum USA Ltd Nevada (previous)
  • Bayou Bend Petroleum USA Ltd Texas previous)
  • General Exploration Partners, Inc (previous)
  • Ophir Energy plc (previous)
  • ShaMaran Petroleum Corp. (previous)
  • ShaMaran Sarsang A/S (previous)
  • ShaMaran Services AG (previous)

Dr Chaouch does not directly hold any ordinary shares nor options over ordinary shares in the Company.

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 Adel Chaouch.

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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.

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 as 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.

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2000.  Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

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