Jadestone Energy Inc Announces Maari Acquisition Revised Long Stop Date

Rhea-AI Summary

Jadestone Energy Inc. has amended the long stop date for its acquisition of a 69% interest in the Maari Project off New Zealand from November 15, 2020, to January 31, 2021. This decision was made to address remaining closing conditions, particularly the final regulatory approval from the New Zealand Government. Both Jadestone and OMV New Zealand Limited remain committed to the transaction, which is expected to close by the end of 2020. The Maari Project aligns with Jadestone's strategy to expand its presence in the Asia Pacific region.

Positive

• Acquisition of a 69% interest in the Maari Project enhances Jadestone's portfolio in the Asia Pacific region.
• The amendment of the long stop date demonstrates proactive management to meet regulatory requirements.
• The Maari Project aligns with Jadestone's strategy to acquire mid-life producing assets.

Negative

• Delay in acquisition closing due to pending regulatory approval could impact operational timelines.

SINGAPORE / ACCESSWIRE / September 25, 2020 / Jadestone Energy Inc. (AIM:JSE) ("Jadestone", or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, has agreed with OMV New Zealand Limited ("OMV") to amend the long stop date for the Company's acquisition of a 69% interest in the Maari Project, shallow water offshore New Zealand (the "Acquisition").

The parties have made substantial progress toward satisfying the Acquisition's closing conditions, including obtaining the majority of third party consents. As a precautionary measure in acknowledgement of the remaining closing condition, being final New Zealand Government regulatory approval, and amidst the New Zealand 2020 general election, the Company and OMV have agreed to revise the long stop date from November 15, 2020 to January 31, 2021. Both parties remain fully committed to the transaction and the Company continues to anticipate closing the Acquisition by the end of 2020.

Jadestone intends to establish New Zealand as an extension to its Australia core area, and sees the Maari Project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.

- Ends -

Enquiries

Jadestone Energy Inc.	+65 6324 0359 (Singapore)
Paul Blakeley, President and CEO	+44 7392 940 495 (UK)
Dan Young, CFO	+1 403 975 6752 (Canada)
Robin Martin, Investor Relations Manager	ir@jadestone-energy.com
Stifel Nicolaus Europe Limited (Nomad, Joint Broker)	+44 (0) 20 7710 7600 (UK)
Callum Stewart
Simon Mensley
Ashton Clanfield
BMO Capital Markets Limited (Joint Broker)	+44 (0) 20 7236 1010 (UK)
Thomas Rider
Jeremy Low
Thomas Hughes
Camarco (Public Relations Advisor)	+44 (0) 203 757 4980 (UK)
Georgia Edmonds	jadestone@camarco.co.uk
Billy Clegg
James Crothers

About Jadestone Energy Inc.

Jadestone Energy Inc. 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, Vietnam and the Philippines.

The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.

In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand, and anticipates completing the transaction in H2 2020, upon receipt of customary approvals. The Company has recently executed an agreement to acquire an operated 90% interest in the Lemang PSC, onshore Sumatra, Indonesia, and anticipates completing the transaction in Q1 2021, upon receipt of customary approvals. The block includes the Akatara gas field.

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 Inc. is listed on the AIM market of the London Stock Exchange. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.

Cautionary statements

Certain statements in this press release are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "is targeting", "estimated", "intend", "plan", "guidance", "objective", "projection", "aim", "goals", "target", "schedules", and "outlook"). In particular, forward-looking statements in this press release include, but are not limited to, statements regarding the timing to close the Acquisition.

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.

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, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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

SOURCE: Jadestone Energy Inc.

View source version on accesswire.com:
https://www.accesswire.com/607792/Jadestone-Energy-Inc-Announces-Maari-Acquisition-Revised-Long-Stop-Date

FAQ

What is Jadestone Energy's Maari Project acquisition about?

Jadestone Energy is acquiring a 69% interest in the Maari Project, which is a shallow water offshore asset in New Zealand.

Why was the long stop date for the Maari Project acquisition revised?

The long stop date was revised to allow more time for obtaining final regulatory approval from the New Zealand Government.

When is the new long stop date for the Maari Project acquisition?

The new long stop date for the Maari Project acquisition is set for January 31, 2021.

What impact does the Maari Project acquisition have on Jadestone's operations?

The acquisition is expected to enhance Jadestone's portfolio and extend its operational focus into New Zealand.

Is Jadestone Energy still committed to the Maari Project acquisition?

Yes, both Jadestone and OMV New Zealand Limited remain fully committed to completing the acquisition.