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Intention to Admit Shares to AIM

Source: www.gulfoilandgas.com 7/16/2018, Location: Asia

Jadestone Energy Inc., an independent oil and gas production, development and exploration company focused on the Asia Pacific region, is pleased to announce a placing of new common shares (the "Common Shares") to raise gross proceeds of US$95 million ("Placing") and its intention to apply for an additional listing of its shares on the AIM Market of the London Stock Exchange plc ("AIM"). Jadestone expects Admission to trading on AIM of the existing and new Common Shares to occur in August 2018 ("Admission").

This follows the Company's announcement earlier this morning that it has executed a definitive Sale and Purchase Agreement ("SPA") with certain subsidiaries of PTT Exploration and Production Public Company Limited ("PTTEP") to acquire a 100% interest in the Montara oil project (the "Montara Oil Project" or the "Montara Assets") via an asset acquisition (the "Acquisition") for a total cash consideration of US$195 million (subject to customary working capital adjustments and contingent consideration). The Acquisition will have an effective date of 1 January 2018.

As part of the financing of the acquisition Jadestone proposes to enter into a reserve based lending facility of US$120 million (the "RBL Facility"). Two existing institutional shareholders, Directors and senior management have indicated that they intend to subscribe for up to US$46 million as part of the placing.

The nominated adviser for the Admission is Stifel Nicolaus Europe Limited ("Stifel"); Stifel is also joint broker and bookrunner with BMO Capital Markets Limited ("BMO").

Paul Blakeley, President and Chief Executive of Jadestone, commented:
"We are delighted to be pursuing a listing on AIM, at an exciting time in our Company's growth, enhancing our corporate profile and access to a wider investor base in the near future.

"Proceeds from the Placing will be used towards funding the acquisition of the Montara Assets, delivering material scale and significant future upside for investors and to realise the value proposition across our balanced, low-risk portfolio as we grow our high value cashflow-positive production, capable of supporting the Company's development plans and delivering dividends in the short to medium term."

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