REG - Jadestone Energy PLC - Interim GHG Emissions Reduction Targets

Jadestone EnergyAnnouncement

21/12/2023 07:15

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RNS Number : 5949X  Jadestone Energy PLC  21 December 2023

 

Jadestone Announces Interim Greenhouse Gas Emissions Reduction Targets

 

21 December 2023 - Singapore: Jadestone Energy plc ("Jadestone", the "Company"
or the "Group"), an independent upstream production company focused on the
Asia-Pacific region, is pleased to announce its interim greenhouse gas ("GHG")
emissions reduction targets as part of its Net Zero pledge by 2040 1 .

 

Since pledging its commitment to Net Zero by 2040 in June 2022, the Company
conducted detailed studies of Jadestone's existing operated asset base(( 2 ))
to develop a GHG emissions reduction roadmap. Jadestone identified a range of
GHG emissions reduction measures, which were screened and subjected to
technical and economic evaluation. Based on the GHG emissions forecasts in
this roadmap, the Company is committing to reduce the combined absolute Scope
1 and 2 GHG emissions from its operated assets, (i) by 20% by 2026 and (ii) by
45% by 2030 (both from 2021 levels).

 

The interim 2026 and 2030 targets are expected to be achieved through a
combination of flaring reduction measures, natural field declines and high
quality carbon credits. The combined cost associated with the GHG emissions
reduction measures incorporated into the interim targets set out above is
currently estimated at US$15-30 million over the 2024-2030 period. The Company
continues to identify, screen and implement new GHG reduction measures in an
effort to further reduce direct emissions from its sites.

 

Paul Blakeley, President and CEO commented:

 

"The announcement of our interim GHG emissions reduction targets and
associated investment is an important milestone for Jadestone on the road to
Net Zero, and meets our commitment to report these by the end of 2023.

 

The Company believes that its strategy is a key component of the energy
transition in the region, as existing fields and discoveries can fulfil
hydrocarbon demand without requiring new resource additions from greenfield
projects.

 

We look forward to providing further updates as we progress on our journey."

 

-ends-

 

For further information, please contact:

 

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

 Phil Corbett, Investor Relations Manager              +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

 Jefferies International Limited (Joint Broker)        +44 (0) 20 7029 8000 (UK)
 Will Soutar

 Cameron Jones

 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 oil and gas 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 at
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) .

 

This announcement may contain certain forward-looking statements with respect
to the Company's expectations and plans, strategy, management's objectives,
future performance, production, reserves, costs, revenues and other trend
information.  These statements are made by the Company in good faith based on
the information available at the time of this announcement, but such
statements should be treated with caution due to inherent risks and
uncertainties.  These statements and forecasts involve risk and uncertainty
because they relate to events and depend upon circumstances that may occur in
the future.  There are a number of factors which could cause actual results
or developments to differ materially from those expressed or implied by these
forward-looking statements and forecasts.  The statements have been made with
reference to forecast price changes, economic conditions and the current
regulatory environment.  Nothing in this announcement should be construed as
a profit forecast.  Past share performance cannot be relied upon as a guide
to future performance.  The Company does not assume any obligation to
publicly update the information, except as may be required pursuant to
applicable laws.

 

This announcement does not include inside information.

 1  https://www.jadestone-energy.com/jadestone-announces-2040-net-zero-target/
(https://www.jadestone-energy.com/jadestone-announces-2040-net-zero-target/)

 2  Montara, Stag, PM323, PM329

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