Response to Media Speculation and Suspension of Trading
13 February 2024 - Singapore: Jadestone Energy plc ("Jadestone", the "Group" or the "Company") (LSE:JSE), an independent upstream company focused on the Asia-Pacific region, notes recent media speculation and confirms that it is a participant in the bid process being managed by Morgan Stanley on behalf of Woodside Energy Group Ltd. ("Woodside") in respect of the proposed sale by Woodside of its participating interests in the Macedon and Greater Pyrenees Projects offshore Western Australia (the "Proposed Acquisition").
The Proposed Acquisition would include Woodside's interests in the Macedon producing gas field and a cluster of producing oil fields collectively known at the Pyrenees Area. For reference, Woodside's net working interest production from the Macedon field and Pyrenees Area in the second half of 2023 averaged c.28,000 boe/d.
Were Jadestone to be selected as the preferred bidder and reach agreement with Woodside on acquisition terms, the Proposed Acquisition would be classified as a reverse takeover transaction in accordance with AIM Rule 14, and accordingly, the Company's ordinary shares will be suspended from trading on AIM with immediate effect and will remain so pending publication of an AIM admission document setting out, inter alia, details of the Proposed Acquisition, or confirmation is provided that the discussions for the Proposed Acquisition have been terminated.
There can be no assurance that agreement between the parties will be reached on mutually acceptable terms and that the Proposed Acquisition will be entered into, or if entered into, will complete. The Company will update shareholders on the Proposed Acquisition as appropriate.
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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.
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.
Jadestone Energy plc published this content on 13 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2024 09:59:24 UTC.