TIDMJSE
RNS Number : 4257T
Jadestone Energy PLC
24 November 2021
Jadestone Energy
Acquisition of 10% Interest in Lemang PSC
24 November 2021 - Singapore: Jadestone Energy plc (the
"Company" or "Jadestone"), an independent oil and gas production
company focused on the Asia-Pacific region, is pleased to announce
the acquisition of a 10% interest in the Lemang Production Sharing
Contract ("PSC"). Through this transaction, Jadestone's interest
(pre local government back-in rights) in the Lemang PSC will
increase to 100%.
The 10% interest is being acquired through the execution of a
Settlement and Transfer Agreement between Jadestone and PT Hexindo
Gemilang Jaya ("Hexindo"). In return for the transfer of Hexindo's
10% stake, Jadestone will waive unpaid amounts relating to
Hexindo's interest in the Lemang PSC and pay a consideration of
$500,000 (inclusive of transfer taxes, which Jadestone will remit
directly to the Indonesian government). The transaction is subject
to the approval of the Indonesian government, the shareholders of
Hexindo and the shareholders of Eneco Energy Limited, Hexindo's
parent company.
The Lemang PSC contains the fully appraised Akatara gas field,
the development of which will substitute coal for locally produced
gas in power generation, as well as condensate sales and LPG for
local residential and domestic use. Once onstream, the Akatara gas
field will broaden Jadestone's production base, as well as increase
the proportion of gas in the production mix, thereby reducing the
Company's greenhouse gas emission intensity.
The field has been independently estimated to contain a 2C gross
resource (pre local government back-in rights) of 63.74 bscf of
natural gas, 2.45 mm bbls of condensate and 5.64 mm boe of LPG,
equating to a combined 18.7 mm boe of resource. The acquisition of
the Hexindo interest would add circa 1.9 mm boe of resource, or
US$0.26/boe of 2C resource acquisition cost, based on the
consideration paid. This compares to the $0.70/boe acquisition cost
Jadestone paid for its original 90% interest in the project in
2020.
Paul Blakeley, President and CEO commented:
"We are pleased to announce this acquisition which adds resource
to the Company at minimal cost and has the added benefit of
removing a defaulting partner.
The Lemang PSC is a key organic growth project for Jadestone and
will provide meaningful gas production to the local market;
displacing coal-fired power generation. We continue to make
significant progress on commercial terms, with negotiations over a
fully termed gas sales agreement at an advanced stage, and I would
like to thank the buyer and the Indonesian government for their
continued constructive engagement. A final investment decision is
still expected in H1 2022 with first gas also still on track for H1
2024."
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, +44 (0) 20 7710 7600 (UK)
Joint Broker)
Callum Stewart
Jason Grossman
Ashton Clanfield
Jefferies International Limited (Joint +44 (0) 20 7029 8000 (UK)
Broker)
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 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
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. Further, the
Company has a 100% operated working interest in two gas development
blocks in Southwest Vietnam, and an operated 100% interest
(assuming completion of the Hexindo stake as announced in November
2021) 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 a 69% operated working interest in the Maari
Project, shallow water offshore New Zealand, and is working with
the seller to obtain final New Zealand government approvals.
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 technical information contained in this announcement has
been prepared in accordance with the June 2018 guidelines endorsed
by the Society of Petroleum Engineers, World Petroleum Congress,
American Association of Petroleum Geologists and Society of
Petroleum Evaluation Engineers Petroleum Resource Management
System.
Henning Hoeyland of Jadestone Energy plc, a Subsurface Manager
with a Masters degree in Petroleum Engineering who is a member of
the Society of Petroleum Engineers and who has been involved in the
energy industry for more than 20 years, has read and approved the
technical disclosure in this regulatory announcement.
This announcement does not contain inside information.
Glossary
2C resource unrisked best estimate scenario of contingent resources
bscf billion standard cubic feet
--------------------------------------------------------
LPG liquid petroleum gas
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mm bbls million barrels
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mm boe million barrels of oil equivalent
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END
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