Jadestone Energy, an independent oil and gas production company focused on the Asia Pacific region, is provides an update on the Company’s proposed internal reorganisation.

The Supreme Court of British Columbia has approved the plan of arrangement under the British Columbia Business Corporations Act, and this will become effective on 23:59 (PDT) on 23 April 2021.

Jadestone Energy plc (“Jadestone UK”), through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares in the capital of Jadestone Canada in exchange for new ordinary shares in Jadestone UK, on a one-for-one basis.  As a result of the Arrangement, Jadestone Canada will become a wholly-owned subsidiary of Jadestone UK.  Jadestone Canada Shares will be cancelled from trading on AIM immediately prior to the Jadestone UK Shares being admitted to trading on AIM.

The Reorganisation will not result in a change in control in the ultimate holding company of the Jadestone Group and, accordingly, will not result in a change in control in the ultimate shareholding in any of the companies or assets of the Jadestone Group.  Further, the Reorganisation will not result in a change in the management of any of the Jadestone Group’s companies or assets.