Vietnam Field Development Plan Approved

Vietnam Field Development Plan Approved

18 March 2026 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group"), an independent upstream production and development company focused on the Asia-Pacific region, is pleased to announce that the Field Development Plan ("FDP") for the Nam Du / U Minh gas discoveries offshore Vietnam has been formally approved by the Vietnam Government.

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

"The FDP approval is a milestone achievement in the commercialization of the Nam Du / U Minh fields. It allows us to book initial 2P reserves for the project of 32 MMboe[1]and solidify discussions with potential farm in partners as we are now positioned to formally launch that process. I would like to thank all of our stakeholders in Vietnam for their leadership on this project approval, and Jadestone's talented Vietnam team for their resiliency and dedication to bring us to this point. We are very pleased to welcome Phil Cunningham as Country Manager. His industry experience, particularly in Vietnam, will be of great benefit to Jadestone as we now push forward into the development phase.

Nam Du / U Minh will establish a new production hub offshore Southwest Vietnam. The tendering process for the main project infrastructure is well advanced, with the development expected to result in significant contract awards to local Vietnam companies, and generate substantial government revenues, over its life. Importantly, the project supports Vietnam's strategic plan, prioritizing sovereign resources to enhance Vietnam's energy security and economic growth, while also creating significant local employment opportunities. Beyond the approved development there is significant upside potential within our existing licenses, which, if proven, will position Jadestone as a key contributor to Vietnam's gas supply for decades to come."

Jadestone is pleased to announce that, in preparation for the development phase in Vietnam, it has recruited Phil Cunningham as Vietnam Country Manager. Phil has over 30 years' experience in the upstream industry, including positions of increasing seniority with some of the world's largest upstream companies. He joins Jadestone after working for TotalEnergies, where he most recently served as Managing Director and Country Chair for Italy, and previously served in a similar role in Norway. Earlier in his career, he spent nine years working in a variety of roles across Southeast Asia, including in Vietnam as a development engineer and then upstream operations manager for BP, as well as Vietnam asset manager for Premier Oil. Phil is a chartered chemical engineer and a Fellow of the IChemE.

-ends-

For further information, please contact:

About Jadestone Energy

Jadestone Energy plc is an independent upstream company focused on the Asia-Pacific region. It has a balanced and increasingly diversified portfolio of production and development assets in Australia, Malaysia, Indonesia and Vietnam, all stable jurisdictions with a positive upstream investment climate.

The Company is pursuing a strategy to grow and diversify the Company's production base both organically, through developments such as Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia, as well as through acquisitions that fit within Jadestone's financial framework and play to the Company's strengths in regional upstream development and operations and 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.

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.  

[1] 32 MMboe is on a 100% basis prior to a potential farm out