Signing of US$200 million RBL Facility

19 May 2023 - 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 that it has signed a new US$200 million reserves-based lending ("RBL") facility with a group of four, reputable, international banks ("the RBL Banks"). The facility also provides for an uncommitted accordion of US$160 million, subject to incremental availability of bank debt. The RBL facility is expected to close shortly following the satisfaction of outstanding conditions precedent.

The RBL facility has a 4-year tenor and, as usual, is subject to bi-annual redeterminations to determine available debt capacity, which will vary over time depending on several parameters including oil prices, operating performance, hedging, future acquisitions and abandonment estimates. Under current assumptions, borrowing capacity under the RBL facility is constrained prior to the Akatara field being integrated as a producing asset, after which it will increase significantly. Both Jadestone and the RBL Banks can initiate additional redeterminations when appropriate.

The RBL facility pays interest at 450 basis points over the secured overnight financing rate, plus the applicable credit spread. Jadestone will also pay customary arrangement and commitment fees. The facility incorporates standard terms and conditions for RBL facilities, including a parent company financial covenant of maximum total debt of 3.5 times annual EBITDAX.

The RBL facility will first be used to repay the US$50 million Interim Facility, which will be fully drawn on 22 May 2023. The RBL facility will also fund the Company's operations and capital investment program, particularly the Akatara gas project onshore Indonesia, and can be also used for general corporate purposes.

Paul Blakeley, President and CEO commented:

"We are very pleased to have achieved this milestone financing with four international banks, providing a significant debt facility in support of our strategy as a responsible operator in the Asia-Pacific region. The banks recognise that our strategy fits well within the energy transition and have worked closely with us to ensure we deliver on environmental and operating performance objectives.

This facility forms an important stepping stone as we focus on delivering our key growth objectives including infill drilling in Malaysia and executing the Akatara gas development project. Production from Akatara will bring significant incremental debt capacity when integrated into the RBL facility, and the ramp-up of Akatara's cash flow is also projected to drive a deleveraging of our balance sheet. While we remain focused on operational performance and delivery of guidance from our producing portfolio, additional acquisitions of producing assets are also on our horizon, in an environment that is increasingly active, and the RBL may support this too."

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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, Thailand 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 Peninsular Malaysia; two operated and two non-operated positions, and a non-operated 9.52% interest in the Sinphuhorm producing gas field onshore Thailand.

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.

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.