TIDMJSE
RNS Number : 4418N
Jadestone Energy PLC
01 June 2022
Jadestone Energy
Jadestone announces 2040 Net Zero target
1 June 2022 - Singapore: Jadestone Energy plc (AIM:JSE) (the
"Company"), an independent oil and gas production company focused
on the Asia-Pacific region, is pleased to announce that it is
committing to Net Zero Scope 1 and 2 greenhouse gas ("GHG")
emissions from its operated assets by 2040.
Paul Blakeley, President and CEO commented:
"Today, we are announcing a firm commitment to achieve Net Zero
Scope 1 and Scope 2 GHG emissions from our operated assets by 2040.
Our Net Zero target underscores the principle that sustainability
is a key value in Jadestone's business.
We recognise that action is needed to arrest the impact of
rising temperatures as a result of human activities and that the
upstream oil & gas industry has an important role to play in
the energy transition. We support the view that the world's energy
mix must diversify towards a low-carbon future, but oil and gas
will continue to play a role in providing essential energy until
the low-carbon energy system is sufficiently developed.
We believe that our existing corporate strategy is fit for this
energy transition, as we are focused on maximising the life of
existing fields through performance optimisation and selective
investment, whilst further diversifying into gas which, over time,
will increase its weighting in our portfolio. We are not explorers,
and so are committed to avoiding the life-cycle emissions
associated with opening new geological basins and greenfield
developments - complementing a key finding of the IEA's report on
Net Zero Emissions by 2050. While the upstream GHG emissions
intensity of maturing assets may be relatively high, under
Jadestone's ownership, we plan to improve the environmental
performance of acquired assets so they can continue to operate with
a reduced GHG footprint. We will work to support these claims with
clear quantifiable evidence, across key areas of impact."
The full detail of Jadestone's Net Zero GHG commitment and
climate strategy statement are included below. Both documents can
also be found on Jadestone's website at www.jadestone-energy.com .
The Company will discuss the Net Zero target during its FY21
results conference call on 6 June 2022, details of which can also
be found on Jadestone's website.
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Phil Corbett, Investor Relations Manager +44 7713 687467 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Tony White
Will Soutar
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Georgia Edmonds
James Crothers
NET ZERO COMMITMENT
-- Jadestone is committed to achieve Net Zero Scope 1 and 2 GHG
emissions for its operated assets by no later than 2040.
! This commitment covers Scope 1 direct emissions from the
Company's existing operated assets as well as Scope 2 emissions
from electricity purchased for its facilities.
! The commitment also covers Scope 1 and 2 GHG emissions from
future acquisitions, where Jadestone becomes operator.
-- Jadestone defines Net Zero as the state reached when its GHG
emissions are reduced in line with the goals of the Paris
agreement, and any remaining emissions that cannot be reduced
further, are fully neutralised by like-for-like permanent removals.
Jadestone will achieve this target through a combination of the
following:
! A focus on operational efficiencies;
! A reduction of flaring where Jadestone has operational
control;
! An increasing share of gas in the production mix of
Jadestone's portfolio over time;
! A focus on mitigating GHG emissions in the planning stage and
in the development of new production streams;
! For those emissions which are economically or technically
difficult to eliminate, Jadestone will employ nature-based
solutions and offsets, and where offsets are used, will ensure they
are properly measured, verified, and represent permanent removal of
carbon from the atmosphere.
-- While not covered by the Net Zero commitment, Jadestone
pledges to work with its partners to reduce the Scope 1 and 2 GHG
emissions on its non-operated assets, either existing or acquired
in the future.
-- In order to ensure that future assets make a contribution
towards the Net Zero target, Jadestone will:
o Identify ways to mitigate GHG emissions as a factor when
screening new business development opportunities;
o Consider diversification into businesses that stand to benefit
from the energy transition where they provide comparable returns to
Jadestone's current core upstream activities
-- Jadestone will expand its emissions reporting in the future to include Scope 3 GHGs, seeking opportunities to reduce Scope 3 emissions where the Company has direct control and/or influence.
-- A key element of Jadestone's Net Zero commitment will be the
development of detailed emissions reduction roadmaps for its
operated assets. Jadestone will publish a Net Zero roadmap in 2023
outlining the following:
o Scope, baseline and methodology of the Net Zero target
o Interim time-bound targets over the short and medium-term
o Implementation plans and specific strategies informed by
asset-level emission reduction frameworks over the short and
medium-term
o An estimate of the capital expenditures needed to deliver
short-term goals
-- Jadestone intends to review its Net Zero commitment over time
to align with best practice methodologies informed by climate
science.
CLIMATE STRATEGY STATEMENT
-- Jadestone recognises the need for action to arrest the impact
of rising temperatures caused by human activities, and specifically
greenhouse gas emissions derived from the production and use of
fossil fuels. We support the view that, as a result, the world's
energy mix must diversify towards a low-carbon future.
-- In order to facilitate an orderly and just transition, we
recognise that oil and gas continues to play a role in providing
essential energy until the low-carbon energy system is sufficiently
developed.
-- In line with the fossil fuel sectoral pathway in the 2021 IEA
report on Net Zero Emissions (NZE) by 2050, Jadestone sees itself
playing an important role in the energy transition, focused on
maximising recovery from existing producing and discovered
resource, rather than engaging in new exploration and major
greenfield development activity.
-- Jadestone will provide responsible stewardship, deploying
additional capital to maximise reserves recovery, improve operating
performance and reduce GHG emissions and other environmental
impacts, while maintaining a robust financial framework in order to
safely decommission assets in line with regulatory
requirements.
-- While the upstream GHG emissions intensity of maturing assets
may be relatively high, once under Jadestone's ownership we plan to
improve the environmental performance of acquired assets so they
operate with a reduced GHG footprint.. We will work to support
these claims with clear quantifiable evidence, across key areas of
impact.
-- Through the development of domestic gas resource in
South-East Asia, such as our gas projects in Vietnam and Indonesia,
Jadestone will support the energy transition by displacing coal
and/or other high-cost/high-emission alternatives while supplying
the region with local, affordable energy and contributing to
economic growth in the wider Asia-Pacific region.
-- Over time, gas will play an ever-increasing role in
Jadestone's portfolio, underpinned by sound ESG credentials and
with a clear focus on measuring and minimising fugitive emissions.
Mitigating GHG emissions from our upstream operations will be a key
pillar of Jadestone's strategy and underlines our approach to
managing the climate risk exposure to the business.
-- In taking this approach, Jadestone believes that it can
continue to execute on its strategy and expand its production base,
even in scenarios of declining global oil and gas demand, as
maturing upstream assets are released by the majors.
-- Frontier exploration has always been explicitly excluded from
our corporate strategy - complementing a key finding of the IEA's
Net Zero Emissions by 2050 report. However, in order to prolong the
life of existing infrastructure and/or existing producing fields,
Jadestone will continue to assess the potential for near-field
tie-back opportunities across its licences.
-- In summary, Jadestone will play a role in promoting a just
and orderly energy transition, supporting economic growth in the
Asia-Pacific region, while reducing the GHG footprint of its oil
and gas production in support of climate goals and a target of net
zero GHG emissions by 2040.
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
interests in four oil producing licences offshore Peninsular
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
(assuming completion of the Hexindo stake acquisition, as announced
in November 2021) in the Lemang PSC, onshore Sumatra, Indonesia,
which includes the Akatara gas field development.
In addition, the Company has executed a sale and purchase
agreement to acquire a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government approvals.
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 is listed on the AIM market of the London
Stock Exchange. The Company is headquartered in Singapore. For
further information on the Company please visit
www.jadestone-energy.com .
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