Completion of Sinphuhorm Interest Acquisition

23 February 2023 – Singapore: Jadestone Energy plc (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that it has completed the previously announced acquisition of a 9.52% non-operated interest in the producing Sinphuhorm gas field and a 27.2% interest in the Dong Mun gas discovery onshore northeast Thailand.

Due to an effective date of 1 January 2022, the headline cash consideration of US$32.5 million became US$27.8 million on completion, due to customary closing adjustments and as disclosed in the acquisition announcement on 19 January 2023.

The Sinphuhorm acquisition adds 4.6 mmboe of 2P reserves at the effective date of 1 January 2022 and approximately 1,600 boe/d of production net to Jadestone based on current rates, continuing the growth and diversification of the Company’s production base.  Jadestone estimates a return on the acquisition significantly in excess of the Company’s hurdle rates.

The transaction is a first step towards creating a significant natural gas component within Jadestone’s portfolio over the medium-term and establishes a low-cost platform for growth in Thailand.  Further details on the Sinphuhorm acquisition can be found in the announcement of 19 January 2023 and on the Company’s website at https://www.jadestone-energy.com/investor-relations/presentations-communication/.

Paul Blakeley, President and CEO commented:

“We are pleased to complete the Sinphuhorm transaction just one month after its announcement, thanks to strong alignment and effort between buyer and seller. When combined with the completion of the CWLH acquisition and remaining Lemang PSC interest in November 2022, we have now closed three very accretive transactions within the last four months, diversifying our production base and with upside potential in all cases. This is clear evidence of increasing M&A activity in the region, which in turn underpins our confidence in the delivery of our growth strategy in the near to medium term.”

For further information, please contact:

About Jadestone Energy

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region.  It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.

The Company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company also has a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

The Company has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions, and a non-operated 9.52% interest in the Sinphuhorm producing gas field onshore Thailand.

Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman’s business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia-Pacific region.

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 release does not contain inside information.