Jadestone Energy PLC Announces Update on Maari Acquisition

Rhea-AI Summary

Jadestone Energy provides an update on the acquisition of a 69% interest in the Maari asset offshore New Zealand. The long stop date for the purchase agreement has been extended to August 31, 2021, allowing both parties to satisfy the remaining conditions. This acquisition aligns with the company's strategy to expand its operational footprint in the Asia Pacific region. Jadestone, with assets in Australia, Indonesia, Vietnam, and the Philippines, aims to enhance its production capabilities through this transaction.

Positive

• Acquisition of 69% interest in the Maari asset enhances operational footprint.
• Extension of long stop date to August 31, 2021, provides additional time to complete the transaction.

Negative

• Ongoing negotiations with the seller may indicate potential delays in closing.
• Dependence on satisfying outstanding conditions poses risks to the acquisition timeline.

SINGAPORE, SINGAPORE / ACCESSWIRE / June 30, 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.

Further to the Company's announcement on 9 June 2021, we are pleased to confirm that following discussions with the seller OMV New Zealand Limited ('OMV NZ'), both Jadestone and OMV NZ have agreed to extend the long stop date under the Maari sale and purchase agreement to 31 August 2021. Both OMV NZ and the Company continue to work to satisfy the remaining outstanding conditions and to complete the transaction.

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. 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/653655/Jadestone-Energy-PLC-Announces-Update-on-Maari-Acquisition

FAQ

What is the status of Jadestone Energy's Maari acquisition as of June 2021?

Jadestone Energy has extended the long stop date for the Maari acquisition to August 31, 2021, to satisfy remaining conditions.

How does the Maari acquisition impact Jadestone Energy's operations?

The acquisition of a 69% operated interest in the Maari asset is expected to enhance Jadestone's operational footprint in the Asia Pacific region.

What are the strategic benefits of Jadestone Energy acquiring the Maari asset?

This acquisition aligns with Jadestone’s growth strategy and aims to increase its production capabilities in a key region.

What risks are associated with the Maari acquisition deal?

The risks include potential delays due to ongoing negotiations and the need to fulfill remaining acquisition conditions.