TIDMJSE
RNS Number : 6116B
Jadestone Energy PLC
11 June 2021
Jadestone Energy
Dividend Declaration
11 June 2021-Singapore: Jadestone Energy plc (the "Company" or
including subsidiaries, the "Group"), an independent oil and gas
production company focused on the Asia Pacific region, is pleased
to declare the Group's second 2020 dividend.
Further to the Group's 22 April 2021 announcement of the
intention to declare a second 2020 dividend following the
completion of the capital reduction, the directors have today
declared a dividend of 1.08 US cents/share (or equivalent to 0.77
GB pence/share based on the current spot exchange rate of 0.7087),
equivalent to a total distribution of US$5.0 million. The dividend
will be paid on a gross basis, in US dollars. The timetable for
payment is as follows:
l Ex-dividend date: 17 June 2021
l Record date: 18 June 2021
l Expected payment date: 30 June 2021
Paul Blakeley, President and CEO commented:
"I am delighted to provide our shareholders with direct returns
and to complete the guidance commitment we made in 2020. With this
dividend payment, the Group will have paid shareholders a total of
US$7.5 million in respect of our 2020 performance.
"Payment of this second and remaining portion of our 2020
dividend programme underscores the resilient performance of the
underlying business in 2020. Despite the oil price collapse, we
were able to generate positive organic free cashflow, after paying
down debt outstanding by around US$43 million and more than
doubling our net cash position to US$82 million, as well as
announcing and closing the acquisition of Lemang during the
year.
Importantly, and in contrast to the Group's maiden dividend
payment, this dividend will be paid to shareholders without
Canadian withholding tax, thereby underscoring one of the benefits
of our recent internal reorganisation and redomicile to the
UK."
The Company's growth-oriented strategy remains unchanged; the
business model is highly cash-generative, and, as a result, is
fundamentally pre-disposed to providing cash returns, after
allowing for organic reinvestment needs, whilst maintaining a
conservative capital structure, and not limiting options for
further inorganic growth. The Company intends to maintain and grow
the dividend over time, in line with underlying free cash flow
generation.
The Company does not offer a dividend reinvestment plan, and
does not offer dividends in the form of ordinary shares.
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 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 the Company 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.
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.
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