Jadestone Energy Regulatory News (JSE)

Skua-11ST Drilling Update

14 July 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group") provides an update on the drilling of the Skua-11ST well at the Montara field offshore Australia.

The Company will issue its trading statement for the first half of 2025 on 24 July 2025.

Skua-11ST Drilling Update

The Skua-11ST well has reached target depth, with analysis confirming the presence of over 900 meters of high-quality reservoir, more than double the reservoir section completed in any of the previous Skua wells. As a result, initial production rates are expected to exceed previously disclosed estimates of 3,500 bbls/d. Well operations are nearing completion, and following demobilisation of the drilling rig, the Skua-11ST well is expected to be brought onstream in early August 2025.

As previously disclosed, the Skua-11ST campaign has taken longer than originally planned. The total capital cost of the Skua-11ST well is now estimated at approximately US$96-100 million, compared to the US$70 million expected cost disclosed in May 2025[1]. Several factors outside Jadestone's control resulted in the well cost increase, including significant weather events and changes to the demobilization plan which have added an estimated US$13-14 million. Additionally, operational factors during drilling required additional rig days and account for the remainder of the incurred incremental cost.

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

"The Skua-11ST drilling campaign is nearing its conclusion, and I want to recognize the safe and environmentally responsible way the program has been executed to date. We look forward to Skua-11ST adding meaningful volumes to Group production once tied in, which will immediately reduce unit operating costs at Montara and extend field life by a year. This will add to our previously announced cost management initiatives that we intend to expand to other parts of the Group.

Learnings from this drilling campaign will be integrated into the planning of any future wells in the Skua area, as part of my broader focus on driving operational excellence to both improve project delivery and enhance margins across the business."

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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 and Vietnam, all stable jurisdictions with a positive upstream investment climate.

The Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia, 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 to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.