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
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Paul Blakeley, President and
CEO
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+65 6324 0359 (Singapore)
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Bert-Jaap Dijkstra, CFO
Phil Corbett, Head of Investor
Relations
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+44 (0) 7713 687467 (UK)
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ir@jadestone-energy.com
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Stifel Nicolaus Europe Limited (Nomad, Joint
Broker)
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+44 (0) 20 7710 7600 (UK)
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Callum Stewart
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Jason Grossman
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Ashton Clanfield
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Peel
Hunt LLP (Joint Broker)
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+44 (0) 20 7418 8900 (UK)
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Richard Crichton
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David McKeown
Georgia Langoulant
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Camarco (Public Relations Advisor)
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+44 (0) 203 757 4980 (UK)
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Billy Clegg
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jse@camarco.co.uk
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Andrew Turner
Elfie Kent
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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.
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.