Financing and Operational Update

9 October 2023 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company") an independent oil and gas production company focused on the Asia-Pacific region, is pleased to provide the following update on the Company's reserve-based lending ("RBL") facility and recent operational highlights.

RBL Facility Update

The bi-annual redetermination process for Jadestone's US$200 million RBL facility has concluded and the Company is pleased to report the following increases in borrowing capacity over the next 12 months:

· Effective 1 October 2023 to the next redetermination date on 31 March 2024, the borrowing capacity exceeds the maximum facility amount. As such, the borrowing capacity for the upcoming 6-month period will be US$200 million (previously forecasted at c.US$190 million).

· For the subsequent 6-month period (Q2-Q3 2024), the borrowing capacity will be the lower of the approved banking model as of 31 March 2024 or US$150 million (previously forecasted at US$99 million). The current model projects a borrowing capacity for this period of c.US$150 million, excluding capex add-back and subject to changes in model assumptions.

The increases in borrowing capacity result from the approval of the Company's waiver request to raise the Akatara development cap from 40% to 60%, effective from 1 October 2023 to the September 2024 redetermination date. The development cap represents Akatara's maximum percentage contribution to the total borrowing base prior to the asset's completion test, after which the Company's borrowing base is expected to return to US$200 million.

The increase in borrowing capacity over the Q2-Q3 2024 period means that the Company's liquidity position during this period is currently projected to be in excess of c.US$100 million, which includes the Company's undrawn US$31.9 million working capital facility.

Operational Update

Since resuming production on 2 September 2023, Montara has averaged c.7,000 bbls/d, benefitting from some ongoing flush production and active management of the Montara H2, H3 and H4 wells to optimise the oil to gas ratio. It is expected that, over time, average oil production rates will normalise back towards previous guidance in the 6,000 - 6,500 bbls/d range.

The Akatara development project is now c.70% complete, delivering on the end-September 2023 progress target of 65%. Long-lead time items continue to arrive at site on schedule and the project remains on track for commissioning in the first quarter of 2024 and first gas before mid-2024.

The first well in the East Belumut infill campaign is maintaining higher than expected production levels as the drilling campaign continues.

Paul Blakeley, President and CEO commented:

"We always believed that, with time, we could resolve the temporary dip in the RBL borrowing base availability in mid-2024. The waiver approval shows the constructive working relationship we have with our RBL banks and demonstrates the banks' confidence in Jadestone's ability to deliver. I would like to thank the RBL banks and the wider Jadestone team for working together to deliver this successful outcome. As a result, Jadestone is projected to have significant liquidity prior to the Akatara field commencing production, after which our borrowing base availability is expected to increase further, as we move into a period of high cash generation, in turn supporting our growth ambitions.

Recent operational performance across the business has been encouraging, with total production averaging c.17,000boepd during the month of September, and also continued progress at Akatara, where we remain on budget and schedule while meeting all key milestones. We are focused on sustaining this momentum over the remainder of 2023 and into 2024, underpinning our aim of significant production and cash flow growth in the near-term."

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About Jadestone Energy

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region. It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all stable jurisdictions with a positive upstream investment climate.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman Energy's business in Asia-Pacific, the Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such at Akatara in Indonesia and Nam Du/U Minh in Vietnam, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in managing maturing oil assets. Jadestone delivers value in its acquisition strategy by enhancing returns through operating efficiencies, cost reductions and increased production through further investment.

Jadestone is a responsible operator and well positioned for the energy transition through its increasing gas production, by maximising recovery from existing brownfield developments and through its Net Zero pledge on Scope 1 & 2 GHG emissions from operated assets by 2040. This strategy is aligned with the IEA Net Zero by 2050 scenario, which stresses the necessity of continued investment in existing upstream assets to avoid an energy crisis and meet demand for oil and gas through the energy transition.

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market of the London Stock Exchange (AIM: JSE). 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.

This announcement does not include inside information.