Proposed Board
Changes
23 February 2024 - Singapore: Jadestone Energy plc
("Jadestone", or the "Company"), an independent upstream company
focused on the Asia-Pacific region, provides the following
corporate governance update.
Dennis McShane, who has been
Non-Executive Chair of Jadestone since 2017, and Lisa Stewart, who
has been an independent Non-Executive Director of the Company since
2019, have indicated their intention not to seek re-election to,
and will step down from, the Board of Directors (the "Board") ahead
of the next annual general meeting. In replacement, it is
proposed that Dr Adel Chaouch will be appointed to the Board,
subject to the satisfactory conclusion of due diligence, at which
time a new Chair will be selected by the Board.
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.
Dennis McShane, Chair of Jadestone,
commented:
"Jadestone has grown substantially from an operator of a
single producing asset in 2017 to a multi-jurisdictional operator
producing over 20,000boe/d. As part of Jadestone's ongoing process
of Board refreshment, it is time for the Board to benefit from a
new set of skills to help Jadestone successfully navigate its next
phase of growth, and I would like to welcome Adel Chaouch as an
independent non-executive director. He brings great
international experience, having led upstream businesses globally,
and will provide strong technical insight in support of Board
decisions going forward. It is also important to recognise the need
to balance the size of the Board while maintaining the appropriate
capabilities, and with this appointment the Board will reduce by
one."
-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, Investor Relations
Manager
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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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Georgia Edmonds
Elfie Kent
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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.