Jadestone Energy Inc. Update on Capital Reduction (4668X)
04 Mayo 2021 - 5:35AM
UK Regulatory
TIDMJSE
RNS Number : 4668X
Jadestone Energy Inc.
04 May 2021
Jadestone Energy
Update on Capital Reduction
4 May 2021-Singapore: Jadestone Energy plc (the "Company"), an
independent oil and gas production company focused on the Asia
Pacific region, is pleased to announce that the High Court of
Justice, Business and Property Court, Companies Court in England
and Wales (the "Court") made an order today confirming the
reduction of share capital of the Company pursuant to section 648
of the Companies Act 2006 by cancelling the paid up capital of the
Company to the extent of 49.9 pence on each ordinary share of
GBP0.50 in the issued share capital of the Company (the "Capital
Reduction").
The order of the Court, together with the statement of capital
approved by the Court, will be lodged with the Registrar of
Companies and it is anticipated that the Capital Reduction will be
registered and, accordingly, become effective later this month, at
which point a further announcement will be made.
When the Capital Reduction becomes effective, the nominal value
of ordinary shares in the issued share capital of the Company will
be GBP0.001 each. There will be no change in the number of the
Company's ordinary shares in issue, as a result of the Capital
Reduction.
Following the recent incorporation of the Company, the purpose
of the Capital Reduction is to restructure the issued share capital
and reserves of the Company and to create distributable reserves to
facilitate the payment of future dividends. As announced at the
time of the release of the 2020 financial results, a further
announcement will be made following completion of the Capital
Reduction, regarding the 2020 final dividend which the Directors
intend to recommend.
For further information, please contact:
Jadestone Energy plc +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +44 7392 940 495 (UK)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
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
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, Indonesia, Vietnam and the Philippines.
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 100% operated working interest in two gas development blocks in
Southwest Vietnam, and an operated 90% interest in the Lemang PSC,
onshore Sumatra, Indonesia, which includes the Akatara gas
field.
In addition, the Company has executed a sale and purchase
agreement to acquire an operated 69% interest in the Maari Project,
shallow water offshore New Zealand, and anticipates completing the
transaction in H1 2021, upon receipt of customary approvals. The
Company has also executed a sale and purchase agreement to acquire
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. The Company
anticipates completing the transaction in H2 2021, following the
waiver of pre-emption rights and receipt of PETRONAS approval.
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 Jadestone please visit
www.jadestone-energy.com .
This announcement may contain certain forward-looking statements
with respect to the Company's expectations and plans, strategy,
management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements are
made by the Company in good faith based on the information
available at the time of this announcement, but such statements
should be treated with caution due to inherent risks and
uncertainties. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance. The Company does not
assume any obligation to publicly update the information, except as
may be required pursuant to applicable laws.
This announcement does not contain inside information.
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