Jadestone Energy PLC Interim GHG Emissions Reduction Targets (5949X)
December 21 2023 - 2:00AM
UK Regulatory
TIDMJSE
RNS Number : 5949X
Jadestone Energy PLC
21 December 2023
Jadestone Announces Interim Greenhouse Gas Emissions Reduction
Targets
21 December 2023 - Singapore: Jadestone Energy plc ("Jadestone",
the "Company" or the "Group"), an independent upstream production
company focused on the Asia-Pacific region, is pleased to announce
its interim greenhouse gas ("GHG") emissions reduction targets as
part of its Net Zero pledge by 2040[1].
Since pledging its commitment to Net Zero by 2040 in June 2022,
the Company conducted detailed studies of Jadestone's existing
operated asset base ([2]) to develop a GHG emissions reduction
roadmap. Jadestone identified a range of GHG emissions reduction
measures, which were screened and subjected to technical and
economic evaluation. Based on the GHG emissions forecasts in this
roadmap, the Company is committing to reduce the combined absolute
Scope 1 and 2 GHG emissions from its operated assets, (i) by 20% by
2026 and (ii) by 45% by 2030 (both from 2021 levels).
The interim 2026 and 2030 targets are expected to be achieved
through a combination of flaring reduction measures, natural field
declines and high quality carbon credits. The combined cost
associated with the GHG emissions reduction measures incorporated
into the interim targets set out above is currently estimated at
US$15-30 million over the 2024-2030 period. The Company continues
to identify, screen and implement new GHG reduction measures in an
effort to further reduce direct emissions from its sites.
Paul Blakeley, President and CEO commented:
"The announcement of our interim GHG emissions reduction targets
and associated investment is an important milestone for Jadestone
on the road to Net Zero, and meets our commitment to report these
by the end of 2023.
The Company believes that its strategy is a key component of the
energy transition in the region, as existing fields and discoveries
can fulfil hydrocarbon demand without requiring new resource
additions from greenfield projects.
We look forward to providing further updates as we progress on
our journey."
-ends-
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 (0) 7713 687467 (UK)
ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
Will Soutar
Cameron Jones
Camarco (Public Relations Advisor) +44 (0) 203 757 4980 (UK)
Billy Clegg jse@camarco.co.uk
Andrew Turner
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 and
increasingly diversified portfolio of production and development
assets in Australia, Malaysia, Indonesia, Thailand and Vietnam, all
stable jurisdictions with a positive upstream investment
climate.
Led by an experienced management team with a track record of
delivery, who were core to the successful growth of Talisman
Energy's business in Asia-Pacific, the Company is pursuing a
strategy to grow and diversify the Company's production base both
organically, through developments such at Akatara in Indonesia and
Nam Du/U Minh in Vietnam, as well as through acquisitions that fit
within Jadestone's financial framework and play to the Company's
strengths in managing maturing oil assets. Jadestone delivers value
in its acquisition strategy by enhancing returns through operating
efficiencies, cost reductions and increased production through
further investment.
Jadestone is a responsible operator and well positioned for the
energy transition through its increasing gas production, by
maximising recovery from existing brownfield developments and
through its Net Zero pledge on Scope 1 & 2 GHG emissions from
operated assets by 2040. This strategy is aligned with the IEA Net
Zero by 2050 scenario, which stresses the necessity of continued
investment in existing upstream assets to avoid an energy crisis
and meet demand for oil and gas through the energy transition.
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 .
This announcement may contain certain forward-looking statements
with respect to the Company's expectations and plans, strategy,
management's objectives, future performance, production, reserves,
costs, revenues and other trend information. These statements are
made by the Company in good faith based on the information
available at the time of this announcement, but such statements
should be treated with caution due to inherent risks and
uncertainties. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance. The Company does not
assume any obligation to publicly update the information, except as
may be required pursuant to applicable laws.
This announcement does not include inside information.
[1]
https://www.jadestone-energy.com/jadestone-announces-2040-net-zero-target/
[2] Montara, Stag, PM323, PM329
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