Jadestone Energy PLC Announces Update on Maari Acquisition

Rhea-AI Summary

Jadestone Energy has announced progress on its acquisition of a 69% operated interest in the Maari asset, located offshore New Zealand. The company is coordinating with OMV New Zealand to meet the remaining conditions, primarily the approval from New Zealand Petroleum & Minerals. Completion is anticipated in H2 2021. Additionally, Jadestone plans to extend the long stop date of the sale agreement, currently set for June 30, 2021. Updated production guidance will be released to reflect these changes and the recent acquisition of assets in Malaysia.

Positive

• Acquisition of 69% interest in Maari asset expected to enhance production capacity.
• Recent acquisition of Malaysian assets is anticipated to create additional revenue streams.
• Management's experience suggests effective integration of new assets.

Negative

• Delay in completion of the Maari acquisition pending regulatory approval could impact timelines.
• Potential financial strain during integration of multiple recent acquisitions.

SINGAPORE, SINGAPORE / ACCESSWIRE / June 9, 2021 / Jadestone Energy plc (the 'Company'), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide an update on the planned completion of the acquisition of the 69% operated interest in the Maari asset, shallow water offshore New Zealand.

The Company has continued working with the seller, OMV New Zealand Limited ('OMV New Zealand'), to satisfy the remaining outstanding conditions to complete the acquisition, in particular the approval of New Zealand Petroleum & Minerals ('NZP&M'). While this work is continuing, the Company expects that completion will occur in the second half of 2021.

In parallel with the NZP&M discussions, the Company is in discussions with OMV New Zealand and expects to extend the long stop date under the Maari sale and purchase agreement, which is currently set at 30 June 2021. The Company will provide an update, once a date has been confirmed.

The Company intends to issue updated production guidance in due course, accounting for a revised expectation on timing to close the Maari asset acquisition and the positive impact of the acquisition of the SapuraOMV Peninsular Malaysia assets announced on 30 April 2021.

For further information, please contact:

Jadestone Energy plc	+65 6324 0359 (Singapore)
Paul Blakeley, President and CEO	+44 7392 940 495 (UK)
Dan Young, CFO	ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
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
James Crothers

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, Indonesia, Vietnam and the Philippines.

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 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 90% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field.

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 2021, upon receipt of customary approvals. The Company has also executed a sale and purchase agreement to acquire interests in four oil producing licences offshore Peninsula Malaysia; two operated and two non-operated positions. The Company anticipates completing the transaction in H2 2021, following the waiver of pre-emption rights and receipt of PETRONAS approval.

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 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.

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.

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.

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 PLC

View source version on accesswire.com:
https://www.accesswire.com/651072/Jadestone-Energy-PLC-Announces-Update-on-Maari-Acquisition

FAQ

What is the expected completion date for Jadestone Energy's acquisition of Maari asset?

Completion of the acquisition is expected in H2 2021, subject to regulatory approval.

How will the Maari acquisition impact Jadestone's production guidance?

Jadestone plans to issue updated production guidance reflecting the timing and impact of the Maari acquisition.

What percentage of the Maari asset is Jadestone Energy acquiring?

Jadestone Energy is acquiring a 69% operated interest in the Maari asset.

Which company is Jadestone Energy acquiring the Maari asset from?

Jadestone Energy is acquiring the Maari asset from OMV New Zealand.