Jadestone Energy Regulatory News (JSE)

Completion of Acquisition of 10% Interest in Lemang PSC

23 November 2022 - Singapore: Jadestone Energy plc ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce the completion of the acquisition of the remaining 10% interest in the Lemang production sharing contract (the "Lemang PSC") onshore Indonesia. As a result, Jadestone's interest (pre local government back-in rights) in the Lemang PSC has increased to 100%.

The 10% interest has been acquired through the execution of a Settlement and Transfer Agreement between Jadestone and PT Hexindo Gemilang Jaya ("Hexindo"). In return for the transfer of Hexindo's 10% stake, Jadestone has released Hexindo from unpaid amounts relating to Hexindo's interest in the Lemang PSC and has paid a consideration of $500,000 (inclusive of transfer taxes, which Jadestone will remit directly to the Indonesian government).

The Lemang PSC contains the Akatara gas field development, which reached final investment decision in June 2022. The field has been independently estimated to contain 18.7 mmboe of gross 2C resource, and is being developed to displace coal in local gas-fired power generation, as well as condensate sales and LPG for local residential use. Production remains on track for the first half of 2024. Once onstream, the Akatara development will broaden Jadestone's production base, as well as increase the proportion of gas in the production mix, thereby reducing the Company's greenhouse gas emissions intensity.

Paul Blakeley, President and CEO commented:

"We have acquired Hexindo's interest for US$0.26/boe of 2C resource, compared to the original acquisition cost of US$0.70/boe in 2020 - a very attractive bolt-on deal for Jadestone, particularly given the significant commercial and development progress since the initial acquisition was announced. Activity at the Akatara gas development project is progressing well and we remain on track to deliver this key organic growth project for Jadestone in the first half of 2024."

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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, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.

The Company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company also has a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

The Company has interests in four oil producing licences offshore Peninsula Malaysia; two operated and two non-operated positions. Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia-Pacific region.

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.

Cautionary Statements

The technical information contained in this announcement has been prepared in accordance with the June 2018 guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum Resource Management System.

A. Shahbaz Sikandar of Jadestone Energy plc, Group Subsurface Manager with a Masters degree in Petroleum Engineering, and who is a member of the Society of Petroleum Engineers and has worked in the energy industry for more than 25 years, has read and approved the technical disclosure in this regulatory announcement.

This announcement does not contain inside information.

Glossary