Prima Energy acquires 28.3% in Jadestone Energy

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "UK TAKEOVER CODE").

Statement regarding Jadestone Energy plc (the "Company" or "Jadestone Energy")

PT Prima Petroleum Energi ("Prima Energy"), a leading independent oil and gas company in Indonesia, announces that it has reached an agreement to acquire an interest in c.28.3% of the issued share capital of Jadestone Energy from funds managed by Tyrus Capital S.A.M. (the terms of which are set out in a private share purchase agreement between Prima Energy and funds managed by Tyrus Capital S.A.M.).

Prima Energy has no intention of making an offer to acquire Jadestone Energy and is bound by the terms of Rule 2.8 of the UK Takeover Code in that respect.

Prima Energy is an experienced upstream oil and gas operator in Indonesia and will support the Company as it continues to deliver long term growth and value creation for all shareholders.

Notes relating to Rule 2.8 of the UK Takeover Code

Under Note 2 on Rule 2.8 of the UK Takeover Code, Prima Energy reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

• with the agreement of the board of Jadestone Energy;
• if a third party announces a firm intention to make an offer for Jadestone Energy;
• if a third party announces a possible offer for Jadestone Energy;
• if Jadestone Energy announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the UK Takeover Code); or
• if there has been a material change of circumstances (as determined by the Takeover Panel).

Standard Chartered acted as sole financial adviser and Herbert Smith Freehills Kramer LLP acted as legal adviser to Prima Energy in connection with the transaction.