Akatara Update

19 August 2024 - Singapore: Jadestone Energy plc ("Jadestone", or the "Company"), an independent upstream company focused on the Asia-Pacific region, provides the following update on the Akatara gas development project onshore Indonesia.

As previously reported, gas sales from the Akatara field commenced on 31 July 2024 at an initial rate of c.4 mmscfd. Since then, the gas plant has been progressively made operational and raw gas production into the Akatara Gas Processing Facility ("AGPF") has been steadily increased to 20 mmscfd, resulting in current gas sales in the range of 11-14 mmscfd.

The AGPF's export compressors, which pressurise the sales gas for export into the regional gas transportation pipeline system, require further commissioning work, which will allow the plant to achieve the full raw gas volume of c.25mmscfd and deliver the sales gas daily contract quantity ("DCQ") of c.20 mmscfd, as specified in the Akatara gas sales agreement. This activity is expected to complete this month, with any associated costs remaining the responsibility of the main contractor and equipment vendor.

Paul Blakeley, President and CEO commented:

"We continue to make good progress at the Akatara project towards final completion of the full processing facility, with recent tests demonstrating that well delivery is strong and that the facilities can handle the required raw gas volumes. Final completion, and plant handover to Jadestone, will occur after an extended production test at DCQ volumes, which is a contractual condition. We are confident this will be achieved once the export compressors are fully operational at design pressures."