REG - Jadestone Energy PLC - Board Changes

Jadestone EnergyAnnouncement

25/03/2024 07:00

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RNS Number : 0570I  Jadestone Energy PLC  25 March 2024

Board Changes

 

25 March 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the
"Company"), an independent upstream company focused on the Asia-Pacific
region, announces the following changes to its Board of Directors (the
"Board").

 

Further to the announcement of 23 February 2024, Dr Adel Chaouch has been
appointed to the Board as an independent Non-Executive Director following
completion of due diligence.

 

Dr Chaouch was Executive Director and Chief Executive Officer of ShaMaran
Petroleum Corp., part of the Lundin Group of Companies, operating in the
Kurdistan Region of Iraq, and prior to that he led Marathon Oil Company's
("Marathon") interests in the Middle East and North Africa.  He was also
responsible for the creation of a gas hub in Equatorial Guinea.  Prior to
working for Marathon, Dr Chaouch held positions of increasing responsibility
for Raytheon E&C company, primarily on major projects largely in the oil
and gas sector.  He holds a Masters and a Ph.D. in Engineering from Texas
A&M University.

 

In line with the announcements of 25 January 2024 and 23 February 2024
respectively, Robert Lambert and Lisa Stewart have stepped down from the Board
with immediate effect.

 

Dennis McShane, Chair of Jadestone, commented:

"We welcome Adel to Jadestone's Board.  His extensive upstream experience and
skillset will greatly benefit the company. We also extend our deepest thanks
to Robert and Lisa for their guidance and contributions over the years. We
wish them well for the future."

Regulatory disclosures

 

The following information is disclosed under Rule 17 and Schedule Two,
paragraph (g), of the AIM Rules for Companies:

 

Dr Adel Chaouch, aged 55, has held the following directorships and/or
partnerships in the past five years:

 

·    Bilateral Chamber of Commerce (current)

·    Blue Crest Ventures, LLC (current)

·    0781756 BC Limited (previous)

·    Association of the Petroleum Industry of Kurdistan (previous)

·    Bayou Bend Petroleum USA Ltd Nevada (previous)

·    Bayou Bend Petroleum USA Ltd Texas previous)

·    General Exploration Partners, Inc (previous)

·    Ophir Energy plc (previous)

·    ShaMaran Petroleum Corp. (previous)

·    ShaMaran Sarsang A/S (previous)

·    ShaMaran Services AG (previous)

 

Dr Chaouch does not directly hold any ordinary shares nor options over
ordinary shares in the Company.

 

There is no further information which is required to be disclosed under
Schedule Two, paragraph (g),

of the AIM Rules for Companies in respect of Adel Chaouch.

 

-ends-

 

For further information, please contact:

 

 Jadestone Energy plc
 Paul Blakeley, President and CEO                      +65 6324 0359 (Singapore)
 Bert-Jaap Dijkstra, CFO

 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown

 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Andrew Turner

 Elfie Kent

 

About Jadestone Energy

 

Jadestone Energy plc is an independent upstream company focused on the
Asia-Pacific region.  It has a balanced and increasingly diversified
portfolio of production and development assets in Australia, Malaysia,
Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive
upstream investment climate.

 

Led by an experienced management team with a track record of delivery, who
were core to the successful growth of Talisman Energy's business in
Asia-Pacific, the Company is pursuing a strategy to grow and diversify the
Company's production base both organically, through developments such as
Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through
acquisitions that fit within Jadestone's financial framework and play to the
Company's strengths in managing maturing oil assets. Jadestone delivers value
in its acquisition strategy by enhancing returns through operating
efficiencies, cost reductions and increased production through further
investment.

 

Jadestone is a responsible operator and well positioned for the energy
transition through its increasing gas production, by maximising recovery from
existing brownfield developments and through its Net Zero pledge on Scope 1
& 2 GHG emissions from operated assets by 2040. This strategy is aligned
with the IEA Net Zero by 2050 scenario, which stresses the necessity of
continued investment in existing upstream assets to avoid an energy crisis and
meet demand for oil and gas through the energy transition.

 

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 (http://www.jadestone-energy.com) .

 

The information contained within this announcement is considered by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2000.  Upon the publication of this
announcement via a Regulatory Information Service, this inside information
will be considered to be in the public domain.

 

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