Jadestone Energy PLC announces Update on Maari Acquisition
Jadestone Energy has updated its stakeholders on the acquisition of a 69% operated interest in the Maari asset, located offshore New Zealand. The deal, initially announced on August 31, 2021, has seen an extension of the long stop date to December 31, 2021, following negotiations with OMV New Zealand Limited. The completion of the acquisition remains contingent upon obtaining New Zealand Government approval. Further updates will only occur upon completion or significant changes concerning the transaction.
- Acquisition of 69% interest in Maari asset could enhance production capabilities.
- Strategic expansion into New Zealand's oil and gas sector.
- Uncertainty regarding New Zealand Government approval may delay acquisition.
- Extended long stop date could signal potential complications in transaction finalization.
SINGAPORE, SINGAPORE / ACCESSWIRE / September 8, 2021 / Jadestone Energy plc (the "Company"), an independent oil and gas production company focused on the Asia Pacific region, provides an update on the planned completion of the acquisition of the
Further to the Company's announcement on 31 August 2021, and 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 December 2021.
Both OMV NZ and the Company continue to work to satisfy the remaining outstanding conditions and to complete the transaction. However, and as previously disclosed, there is ongoing uncertainty in the timing of New Zealand Government approval. As a result, further updates on the Maari acquisition will only be made in the event that the transaction completes, or there is a material change in the status of the transaction.
For further information, please contact:
| Jadestone Energy plc | |
| Paul Blakeley, President and CEO | +65 6324 0359 (Singapore) |
| Dan Young, CFO | |
| Phil Corbett, Investor Relations Manager | +44 7713 687467 (UK) |
| ir@jadestone-energy.com | |
| 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, Malaysia, Indonesia, Vietnam and the Philippines.
The Company has a
In addition, the Company has executed a sale and purchase agreement to acquire a
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 the Company please visit www.jadestone-energy.com.
Cautionary Statements
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
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https://www.accesswire.com/663142/Jadestone-Energy-PLC-announces-Update-on-Maari-Acquisition
FAQ
What is the status of Jadestone Energy's acquisition of the Maari asset?
What are the implications of the extension on the Maari acquisition for JADSF investors?
When will Jadestone Energy provide further updates on the Maari acquisition?
Who are the parties involved in the Maari acquisition by Jadestone Energy?
