Jadestone Energy Provides Update on Maari Acquisition

Source: www.gulfoilandgas.com 6/9/2021, Location: Not categorized

Jadestone Energy plc, 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.


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