New Debt Facility

RNS Number : 2718Q
Jadestone Energy PLC
17 February 2023
 

A green and white logo Description automatically generated with low confidence

New Debt Facility

 

17 February 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 announce that it has closed a US$50 million debt facility (the "Interim Facility") with two international banks.

 

The closing of the Interim Facility forms part of the previously announced plan to arrange a reserves-based lending facility ("RBL"), which is a key element of Jadestone's medium-term financing strategy to fund development capital at the Akatara project and further growth through M&A.

 

The Interim Facility has a term of nine months and carries an initial margin of 450 basis points over SOFR, which steps up in the event repayment occurs more than three months after closing.  The RBL workstreams are progressing in line with management expectations and it is expected to close around the end of Q1 2023, superseding the Interim Facility.

 

Paul Blakeley, President and CEO commented:

 

"We are pleased to partner with two international banks on this new interim debt facility, which will provide additional short-term financial flexibility as we work to conclude the RBL, our longer-term debt vehicle.  The RBL will provide a much larger debt capacity, and we are making good progress with several potential lenders to conclude this around the end of the first quarter this year.  As we always envisaged, the RBL will provide a secure funding source for the Akatara gas project in Indonesia, as well as significant flexibility for further growth options at a very exciting time for M&A in the region."

 

For further information, please contact:

 

Jadestone Energy plc


Paul Blakeley, President and CEO

+65 6324 0359 (Singapore)

Bert-Jaap Dijkstra, CFO

Phil Corbett, Investor Relations Manager

 

+44 7713 687467 (UK)


ir@jadestone-energy.com

 


Stifel Nicolaus Europe Limited (Nomad, Joint Broker)

+44 (0) 20 7710 7600 (UK)

Callum Stewart


Jason Grossman


Ashton Clanfield


 


Jefferies International Limited (Joint Broker)

+44 (0) 20 7029 8000 (UK)

Tony White


Will Soutar


 


Camarco (Public Relations Advisor)

+44 (0) 203 757 4980 (UK)

Billy Clegg

jse@camarco.co.uk

Georgia Edmonds

Elfie Kent


 



 

About Jadestone Energy

 

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region.  It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.

 

The Company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company also has a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

 

The Company has interests in four oil producing licences offshore Peninsular Malaysia; two operated and two non-operated positions, and has signed an agreement to acquire a non-operated interest in the Sinphuhorm producing gas field onshore Thailand.

 

Further, the Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.

 

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets in the Asia-Pacific region.

 

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.

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Glossary

 

SOFR

Secured overnight financing rate

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IODGPUGPPUPWUQM
UK 100

Latest directors dealings