Jadestone Energy Granted Relief from Canadian Reporting Requirements
June 4, 2020—Singapore: Jadestone Energy Inc. (AIM:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, announces that is has been granted relief from certain Canadian disclosure obligations effective immediately.
Relief granted consistent with a designated foreign issuer
The Company’s principal regulator in Canada, the British Columbia Securities Commission (“BCSC”), has granted Jadestone relief from certain Canadian disclosure requirements, generally consistent with the relief granted to a designated foreign issuer (“DFI”), as defined in National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers. The BCSC’s order granting this relief is available at: https://www.bcsc.bc.ca/Securities_Law/Exemption_Orders/.
While the Company remains a British Columbia incorporated corporation, and will continue as a reporting issuer in the Provinces of British Columbia and Alberta, henceforth the Company will provide disclosure in Canada generally consistent with the disclosures required of a DFI.
Jadestone’s management sought this relief as part of its ongoing transition from Canadian driven disclosures and practices towards those expected of companies admitted to trading on AIM, as a reflection of the Company’s sole listing now being AIM, and its shareholder base which is predominantly comprised of UK and European institutional investors. The Company anticipates material savings in both administrative costs and management time as a result of this relief.
For the avoidance of doubt, the Company’s disclosures, as required by the AIM Rules for Companies, and UK legislation applicable to the Company, are unaffected by this decision and remain in place.
A key consequence of the BCSC decision is that the Company will no longer be required to report quarterly financial information, and will instead now report financial results on a semi-annual basis, in line with market practice in the UK, and as required by the AIM Rules for Companies.
The next financial information to be reported will be the Company’s half yearly report, in respect of the six months to June 30, 2020, which will be published no later than September 30, 2020. This will be followed by its audited financial statements for the year to December 31, 2020, published no later than June 30, 2021; in each case, in accordance with the AIM Rules for Companies.
Cessation of quarterly reporting will help to deliver more comparable financial information that might otherwise be impacted by, among other things, differences in timing of crude oil liftings quarter-to-quarter, as well as the irregular pattern of workovers at Stag. It also encourages a focus on enhancing value and sustainable growth over the longer term, rather than a short term cycle of quarterly reporting.
Reserves reporting and certain other remaining Canadian requirements
The Company is still required to report its proved and probable reserves on an annual basis in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. This is a standard acceptable under the AIM Rules for Companies. All of Jadestone’s public disclosures regarding its oil and gas activities need to comply with these standards.
The Company also remains subject to certain other Canadian disclosure requirements including, among other requirements, the securities legislation requirements relating to business combinations and related party transactions in MI 61-101 Protection of Minority Security Holders in Special Transactions and the disclosure requirements under Canada’s Extractive Sector Transparency Measures Act.
Disclosures made pursuant to the AIM Rules for Companies and legislation in the UK applicable to the Company, will also be filed with the applicable Canadian securities regulatory authority via SEDAR, in place of Canadian-mandated disclosures.
UK corporate governance code
The Company continues to follow Canadian corporate governance practices and principles, and explains to both shareholders and to broader stakeholders, those instances where those practices and principles diverge from UK norms. The Company is currently assessing UK corporate governance codes, and will select an appropriate code to adopt on or before December 31, 2020.
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|Jadestone Energy Inc.||+65 6324 0359 (Singapore)|
|Paul Blakeley, President and CEO||+1 403 975 6752 (Canada)|
|Dan Young, CFO||+44 7392 940 495 (UK)|
|Robin Martin, Investor Relations Managerfirstname.lastname@example.org|
|Stifel Nicolaus Europe Limited (Nomad, Joint Broker)||+44 (0) 20 7710 7600 (UK)|
|BMO Capital Markets Limited (Joint Broker)||+44 (0) 20 7236 1010 (UK)|
|Camarco (Public Relations Advisor)||+44 (0) 203 757 4980 (UK)|
About Jadestone Energy Inc.
Jadestone Energy Inc. 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, Vietnam and the Philippines.
The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block. In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand, and anticipates completing the transaction in H2 2020, upon receipt of customary approvals.
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 Inc. is listed on the AIM market of the London Stock Exchange. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.
Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “guidance”, “objective”, “projection”, “aim”, “goals”, “target”, “schedules”, and “outlook”). In particular, forward-looking statements in this press release include, but are not limited to statements regarding the timing for the Company to adopt a UK corporate governance code and the savings resulting from the BCSC decision.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.