Proposed Board Changes

23 February 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, provides the following corporate governance update.

Dennis McShane, who has been Non-Executive Chair of Jadestone since 2017, and Lisa Stewart, who has been an independent Non-Executive Director of the Company since 2019, have indicated their intention not to seek re-election to, and will step down from, the Board of Directors (the "Board") ahead of the next annual general meeting. In replacement, it is proposed that Dr Adel Chaouch will be appointed to the Board, subject to the satisfactory conclusion of due diligence, at which time a new Chair will be selected by the Board.

Dr Chaouch was Executive Director and Chief Executive Officer of ShaMaran Petroleum Corp., part of the Lundin Group of Companies, operating in the Kurdistan Region of Iraq, and prior to that he led Marathon Oil Company's ("Marathon") interests in the Middle East and North Africa. He was also responsible for the creation of a gas hub in Equatorial Guinea. Prior to working for Marathon, Dr Chaouch held positions of increasing responsibility for Raytheon E&C company, primarily on major projects largely in the oil and gas sector. He holds a Masters and a Ph.D. in Engineering from Texas A&M University.

Dennis McShane, Chair of Jadestone, commented:

"Jadestone has grown substantially from an operator of a single producing asset in 2017 to a multi-jurisdictional operator producing over 20,000boe/d. As part of Jadestone's ongoing process of Board refreshment, it is time for the Board to benefit from a new set of skills to help Jadestone successfully navigate its next phase of growth, and I would like to welcome Adel Chaouch as an independent non-executive director. He brings great international experience, having led upstream businesses globally, and will provide strong technical insight in support of Board decisions going forward. It is also important to recognise the need to balance the size of the Board while maintaining the appropriate capabilities, and with this appointment the Board will reduce by one."