30 June, 2023

Corporate Update

Corporate Update

30 June 2023 – Singapore: Jadestone Energy plc (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia-Pacific region, provides the following corporate update in advance of the Company’s 2023 Annual General Meeting, which is being held at 9:00 a.m. BST today at Simmons & Simmons LLP, Citypoint, 1 Ropemaker Street, London, EC2Y 9SS.


  • 2023 group production, underlying operating cost[1] and capital expenditure guidance reaffirmed.
  • The Akatara gas development project in Indonesia remains on plan, budget and schedule for first gas in H1 2024.
  • The Company intends to strengthen the executive management team by creating the role of Chief Operating Officer.
  • To refresh the Board of Directors (the “Board”), certain non-executive directors intend to stand down as soon as replacements have been found and following an appropriate handover period.

Operational Update

Group production has averaged c.12,300 boe/d year-to-date in 2023 and c.14,800 boe/d since 1 April 2023. Guidance for April to December 2023 is unchanged at 13,500 – 17,000 boe/d. Production during the second half of 2023 is expected to benefit from bringing the final two wells on line at the Montara field following minor gas-lift repairs, and from the East Belumut infill drilling programme on the PM323 licence offshore Malaysia.

The Akatara gas development project onshore Indonesia remains on schedule and budget for first gas in the first half of 2024, with the project work scope approximately 38% complete and 1.8 million manhours worked without a lost time incident. A video highlighting recent progress at the Akatara project in May 2023 has been uploaded to the Company’s website at

Reserves-Based Loan (“RBL”)

The RBL, arranged with four leading international banks, provides important liquidity during Jadestone’s next growth phase, establishing an important benchmark for the quality of the Company’s investments as Jadestone continues to grow and diversify its production base. Once onstream, the Akatara development is projected to add significantly to Jadestone’s production and cash flow, supporting the forecast rapid de-leveraging of the Company’s balance sheet.

As a condition of the RBL, the Company is required to hedge 50%, or c.5.5 mmbbls, of its forecast production over the Q4 2023 to Q3 2025 period. Currently, c.4.2 mmbbls has been hedged at a weighted average Brent price of US$70.29/bbl over the 24 month period, broadly in line with the requirements of the banking model. The remaining c.1.2 mmbbls are expected to be hedged during the third quarter of 2023.

Board and Management Changes

The Board believes that certain changes are necessary to refresh Board composition and adhere to best practice by adding new experience to bolster the overall governance framework of the Company.  Two of the board’s longest standing directors, Iain McLaren, Non-Executive Director and Chair of the Audit Committee (who has served since 2015) and Robert Lambert, Non-Executive Director and Chair of the Health, Safety, Environment and Climate Committee (who has served since 2011), have signalled their intention to step down before the end of 2023, once replacements have been appointed. The Board appreciates the invaluable contributions from Iain and Robert over the Company’s history. As previously announced, Tyrus Capital S.A.M., Jadestone’s largest shareholder, has notified the Company of its intention to appoint a director to the Board.

Furthermore, the Board and management team of Jadestone has concluded that, given the significant growth and diversification of the Company’s operations in recent years, it is appropriate to strengthen the senior management team and enhance internal succession planning options by creating the role of Chief Operating Officer (COO). A search for the COO will commence imminently.

The Board is also undertaking a review of the Company’s remuneration practices and intends to work with its advisers and stakeholders on an appropriate incentive scheme, which better incentivises key personnel in the business and aligns with shareholder interests.

Finally, the Board is committed to ensuring that all stakeholders are kept informed of business developments through clear and timely communication.

AGM Update – Withdrawal of AGM Resolution 16

Jadestone’s Board announces that it has decided to withdraw Resolution 16 from the agenda of the AGM to be held today (at the time and location detailed at the beginning of this announcement).

Resolution 16 proposed that the Company be authorised generally and unconditionally to make market purchases, in line with Investment Association guidelines, of its ordinary shares.

Since the publication of the Notice of AGM on 7 June 2023, the Company has received shareholder feedback that Resolution 16 would not receive the required support. In light of this feedback, the Board has decided to withdraw Resolution 16. The Company intends to engage with its shareholders in due course on the timing and nature of any recommencement of shareholder returns.

The withdrawal of Resolution 16 does not affect the validity of the Notice of AGM, the proxy form or any proxy votes already submitted in respect of the remaining resolutions to be proposed at the AGM. The numbering of all other proposed resolutions at the AGM remains unchanged.

Arrangements for the AGM are unchanged from those previously notified.

Dennis McShane, Chair of Jadestone’s Board of Directors commented:

“Jadestone’s Board recognises that the last several months have been disappointing to all our stakeholders. We aim to improve our performance through an even greater focus on operational delivery, completing the Akatara project on time and continuing to diversify and grow the business while communicating clearly and regularly to all shareholders.

As part of this plan, and in recognition of the demands of the rapid growth in operating and development assets over the recent past, we will bolster the senior management team with the creation of a Group COO role.  In addition, and in keeping with best practice to periodically refresh the talent on the Board, in coming months we intend to replace two independent directors. I wish to take this opportunity to thank both Bob Lambert and Iain McLaren for their many years of dedication and invaluable advice to the Company and the Chair. These director and management changes will positively benefit our governance and operating framework in the future. 

Finally, I thank all of our shareholders for their constructive feedback in recent weeks, upon which the Board has reflected carefully.”

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, Thailand 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 is the operator of four licences offshore Peninsular Malaysia; two of which are currently producing – the PM323 PSC which produces oil and the PM329 PSC which produces oil and gas. The Company has 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

This announcement does not contain inside information.

[1] Underlying operating cost guidance excludes non-recurring items and certain costs such as workovers, transportation and expenditure associated with non-producing assets offshore Malaysia. These excluded items are included in the reported production costs in the Company’s income statement.

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