TIDMJSE
RNS Number : 5854U
Jadestone Energy PLC
02 August 2022
Launch of Share Buyback Programme
2 August 2022 - 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
is today launching a share buyback programme (the "Programme") in
accordance with the authority granted by shareholders at the
Company's Annual General Meeting on 30 June 2022.
The Company will enter into a buyback agreement with Stifel
Nicolaus Europe Limited ("Stifel"), who will conduct the Programme
and repurchase Jadestone's ordinary shares of GBP0.001 each
("Ordinary Shares") on Jadestone's behalf. The buyback agreement
will grant Stifel the authority to enact purchases and make trading
decisions concerning the timing of the purchases under the
Programme independently of the Company. Purchases may therefore
continue during any closed periods of the Company.
The maximum pecuniary amount of the Programme is US$25 million
and, in line with the authority granted to the Company at its
Annual General Meeting on 30 June 2022, the Programme will not
exceed 46,574,528 Ordinary Shares. While the Company has launched
the Programme, there is no certainty on the volume of shares that
may be acquired, nor any certainty on the pace and quantum of
acquisitions.
On 6 June 2022, the Company announced its intention to return up
to US$100 million of cash to shareholders over the course of 12
months, predicated on the Company's strong balance sheet and highly
cash generative nature of its asset base. In conjunction with the
Company's ordinary dividend, today's buyback announcement
represents the next phase of this shareholder returns commitment.
The purpose of the Programme is to reduce the share capital of
Jadestone.
The Programme will be conducted within certain pre-set
parameters in accordance with Jadestone's general authority to
repurchase up to 46,574,528 Ordinary Shares, and will be carried
out on the London Stock Exchange. It is intended that the Programme
will be conducted within the parameters prescribed by the Market
Abuse Regulation 596/2014 (as in force in the UK by virtue of the
European Union (Withdrawal) Act 2018 and as amended by the Market
Abuse (Amendment) (EU Exit) Regulations 2019) (the "Regulation"),
the Commission Delegated Regulation (EU) 2016/1052 (as in force in
the UK by virtue of the European Union (Withdrawal) Act 2018 and as
amended by the FCA's Technical Standards (Market Abuse Regulation)
(EU Exit) Instrument 2019) (the "Delegated Regulation"). The
Company will retain the ability to make purchases under the
Programme which exceed the average daily volume limits established
by the Delegated Regulation and therefore the Programme may not
fall within the safe harbour provisions of the Regulation where
appropriate.
Any market repurchase of Ordinary Shares will be announced no
later than 7:30 a.m. on the business day following the calendar day
on which the repurchase occurred. All Ordinary Shares repurchased
will be cancelled.
Paul Blakeley, President and Chief Executive Officer of
Jadestone commented:
"Following on from last week's announced acquisition of an
interest in the North West Shelf oil assets, we are very pleased to
be able to launch this buyback programme now. This delivers on our
commitment, originally announced in early June 2022, to
significantly increase returns to shareholders, as well as clearly
demonstrating that significant M&A activity and enhanced
returns are not mutually exclusive. We believe this is a
differentiating factor in our investment case, and we look forward
to growing our business further, while at the same time ensuring
that shareholders benefit directly from the positive impact of
higher oil prices on our cash flows."
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
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 Peninsula
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.
In addition, the Company has executed a sale and purchase
agreement ("SPA") to acquire a 16.67% working interest in the North
West Shelf Oil Project, offshore Western Australia, which is
expected to complete in the fourth quarter of 2022. The Company has
also signed an SPA 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 .
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
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END
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August 02, 2022 03:04 ET (07:04 GMT)
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