Launch of Share Buyback Programme
2 August 2022 – 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 is today launching a share buyback programme (the “Programme”) in accordance with the authority granted by shareholders at the Company’s Annual General Meeting on 30 June 2022.
The Company will enter into a buyback agreement with Stifel Nicolaus Europe Limited (“Stifel”), who will conduct the Programme and repurchase Jadestone’s ordinary shares of £0.001 each (“Ordinary Shares”) on Jadestone’s behalf. The buyback agreement will grant Stifel the authority to enact purchases and make trading decisions concerning the timing of the purchases under the Programme independently of the Company. Purchases may therefore continue during any closed periods of the Company.
The maximum pecuniary amount of the Programme is US$25 million and, in line with the authority granted to the Company at its Annual General Meeting on 30 June 2022, the Programme will not exceed 46,574,528 Ordinary Shares. While the Company has launched the Programme, there is no certainty on the volume of shares that may be acquired, nor any certainty on the pace and quantum of acquisitions.
On 6 June 2022, the Company announced its intention to return up to US$100 million of cash to shareholders over the course of 12 months, predicated on the Company’s strong balance sheet and highly cash generative nature of its asset base. In conjunction with the Company’s ordinary dividend, today’s buyback announcement represents the next phase of this shareholder returns commitment. The purpose of the Programme is to reduce the share capital of Jadestone.
The Programme will be conducted within certain pre-set parameters in accordance with Jadestone’s general authority to repurchase up to 46,574,528 Ordinary Shares, and will be carried out on the London Stock Exchange. It is intended that the Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 (as in force in the UK by virtue of the European Union (Withdrawal) Act 2018 and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019) (the “Regulation”), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK by virtue of the European Union (Withdrawal) Act 2018 and as amended by the FCA’s Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) (the “Delegated Regulation”). The Company will retain the ability to make purchases under the Programme which exceed the average daily volume limits established by the Delegated Regulation and therefore the Programme may not fall within the safe harbour provisions of the Regulation where appropriate.
Any market repurchase of Ordinary Shares will be announced no later than 7:30 a.m. on the business day following the calendar day on which the repurchase occurred. All Ordinary Shares repurchased will be cancelled.
Paul Blakeley, President and Chief Executive Officer of Jadestone commented:
“Following on from last week’s announced acquisition of an interest in the North West Shelf oil assets, we are very pleased to be able to launch this buyback programme now. This delivers on our commitment, originally announced in early June 2022, to significantly increase returns to shareholders, as well as clearly demonstrating that significant M&A activity and enhanced returns are not mutually exclusive. We believe this is a differentiating factor in our investment case, and we look forward to growing our business further, while at the same time ensuring that shareholders benefit directly from the positive impact of higher oil prices on our cash flows.”
For further information, please contact:
|Jadestone Energy plc
|Paul Blakeley, President and CEO
|+65 6324 0359 (Singapore)
|Phil Corbett, Investor Relations Manager
|+44 7713 687467 (UK)
|Stifel Nicolaus Europe Limited (Nomad, Joint Broker)
|+44 (0) 20 7710 7600 (UK)
|Jefferies International Limited (Joint Broker)
|+44 (0) 20 7029 8000 (UK)
|Camarco (Public Relations Advisor)
|+44 (0) 203 757 4980 (UK)
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 interests in four oil producing licences offshore Peninsula Malaysia; two operated and two non-operated positions. Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest (assuming completion of the Hexindo stake acquisition, as announced in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field.
In addition, the Company has executed a sale and purchase agreement (“SPA”) to acquire a 16.67% working interest in the North West Shelf Oil Project, offshore Western Australia, which is expected to complete in the fourth quarter of 2022. The Company has also signed an SPA to acquire a 69% operated working interest in the Maari Project, shallow water offshore New Zealand, and is working with the seller to obtain final New Zealand government 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 plc is listed on the AIM market of the London Stock Exchange. 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 to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act2018.