Last checked at 23 Feb 2024 07:00
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."
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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 | |
| |
Stifel Nicolaus Europe Limited (Nomad, Joint Broker) | +44 (0) 20 7710 7600 (UK) |
Callum Stewart | |
Jason Grossman | |
Ashton Clanfield | |
| |
Peel Hunt LLP (Joint Broker) | +44 (0) 20 7418 8900 (UK) |
Richard Crichton | |
David McKeown Georgia Langoulant | |
| |
Camarco (Public Relations Advisor) | +44 (0) 203 757 4980 (UK) |
Billy Clegg | jse@camarco.co.uk |
Georgia Edmonds 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.
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.