JADESTONE ENERGY

DIVIDENDS

Dividend Policy

Jadestone’s growth-orientated strategy has an objective of establishing a leading Asia-Pacific upstream company through acquiring and maximising the value of producing fields and development assets. Jadestone prioritises organic reinvestment, and maintains a conservative capital structure in order to capitalise on inorganic growth opportunities as they arise.

Notwithstanding this, Jadestone believes that its production and development led business model is fundamentally pre-disposed to provide meaningful shareholder returns, particularly during times of higher oil prices.

Jadestone targets a sustainable base dividend, with a targeted split one-third to an interim dividend and two-thirds to a final dividend, growing over time in line with underlying cash flow generation.

The base dividend may be augmented over time by additional shareholder returns (in the form of share buybacks, special dividends and/or tender offers) if deemed appropriate.

In September 2019, Jadestone announced the adoption of a dividend policy.

Subject to the continued operational performance of the business, Jadestone indicated its plans to declare dividends semi-annually, split roughly one-third interim and two-thirds final.

On 10 September 2020, Jadestone declared its maiden interim dividend of US¢ 0.54 per share.

This maiden ordinary dividend, totalling US$2.5 million, was paid to shareholders on 30 October 2020.

On 22 April 2021, Jadestone recommended a 2020 final dividend of US¢ 1.08 per share.

The final 2020 dividend, totalling US$5.0 million, was paid to shareholders on 30 June 2021.

On 9 September 2021, Jadestone declared a 2021 interim dividend of US¢ 0.59 per share.

This interim dividend, totalling US$2.8 million, was paid to shareholders on 1 October 2021.

On 6 June 2022, Jadestone recommended a final 2021 dividend of US¢ 1.34 per share.

This final dividend, totalling US$6.25 million, was paid to shareholders on 5 July 2022.

On 20 September 2022, Jadestone declared an interim 2022 dividend of US¢ 0.65 per share.

This interim dividend, totalling US$3.0 million, will be paid to shareholders on 14 October 2022.

Important Information for Shareholders

The Company does not offer a dividend reinvestment plan, and does not offer dividends in the form of ordinary shares.

Following the Company’s internal reorganisation, which was approved by shareholders on 20 April 2021, and received court approval on 22 April 2021, Jadestone Energy plc, a UK-based entity became the parent company of the Jadestone Group. Dividends paid by Jadestone Energy plc, including the 2020 final dividend, will not be subject to dividend withholding tax.