Appointment of CFO

Appointment of CFO

29 October 2024 - Singapore: Jadestone Energy plc (AIM:JSE) ("Jadestone" or the "Company"), an independent upstream production company focused on the Asia-Pacific region, is pleased to announce the appointment of Andrew Fairclough as Chief Financial Officer ("CFO") and Executive Director of the Company, effective 29 October 2024. Mr. Fairclough will join the Company's Disclosure Committee and will relocate to Singapore in the coming months.

Bert-Jaap Dijkstra, who has stepped down as CFO and Executive Director with immediate effect, will remain with the Company for a handover period prior to his planned departure in early November 2024.

Mr. Fairclough has nearly 30 years of corporate finance, capital markets and senior management and board experience across multiple geographies, including corporate strategy, debt and equity structuring and capital raising, mergers and acquisitions, capital management, financial planning, budgeting and financial reporting.

From 2020 to 2023, Mr. Fairclough was CFO of Serinus Energy Plc, an AIM quoted exploration and production (E&P) company with operations in Romania and Tunisia. Before that, he was CFO and Corporate Secretary of Whalsay Energy Limited, a private company focused on upstream appraisal and development on the UK Continental Shelf. Mr. Fairclough is currently a Non-Executive Director of Corcel Plc, an AIM quoted oil and gas E&P company focused on Angola and Brazil.

Following a career in the UK military and prior to his upstream CFO roles, Mr. Fairclough had a 17 year career in investment banking, with experience in both corporate finance and corporate broking across several sectors, principally at Rothschild and Merrill Lynch. Mr. Fairclough holds a LLB Laws degree from University College London.

Paul Blakeley, President and CEO commented:

"I am delighted to welcome Andrew to the company and on behalf of everyone at Jadestone, wish him success in his new role. With his investment banking background and recent executive and board roles with upstream companies, he has the ideal blend of skills and experience required to help us execute on our strategic aims."

Regulatory disclosures:

The following information is disclosed under Rule 17 and Schedule Two, paragraph (g), of the AIM Rules for Companies:

Andrew John Fairclough, aged 55, has held the following directorships and/or partnerships in the past five years:

Mr. Fairclough was acting as executive director of Xcite Energy Limited and its operating subsidiary, Xcite Energy Resources between 2014 and 2017. In December 2016, Xcite Energy Limited entered into liquidation.

Mr. Fairclough does not hold any ordinary shares nor options over ordinary shares in the Company.

There is no further information which is required to be disclosed under Schedule Two, paragraph (g), of the AIM Rules for Companies in respect of Mr. Fairclough. 

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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, 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 as at Akatara in Indonesia, Nam Du/U Minh in Vietnam and the SFA 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.