Friday 4 December 2020

Jadestone Energy Inc. (AIM:JSE) (“Jadestone”, the “Company”, or the “Group”), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide a trading and operations update. Highlights● Group production from January 1 through November 30, 2020 averaged 11,356 bbls/d;

● The Group remains on track to deliver full year production guidance of 11,000–12,500 bbls/d,

● Gross cash and bank balances of US$100.2 million as of November 30, 2020, versus US$99.4 million at December 31, 2019 as a result of continued profitable production throughout the year;

● Net cash of US$82.6 million, versus US$39.3 million at December 31, 2019;

● Maari acquisition progressing, but no longer expected to close before year end as a result of delays caused by COVID-19 and New Zealand’s recent general election. The Company anticipates the acquisition to close in H1 2021 with the effective date remaining January 1, 2019;

● Lemang, Indonesia acquisition on track to close in Q1 2021 or earlier;

● Valaris 107 drilling rig contracted for 2021 infill drilling and well workovers in Australia; and

● Discussions with relevant authorities relating to the Vietnam Nam Du/U Minh gas fields development project are ongoing, with preparations to issue the FPSO contract tender being made.

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