Jadestone Energy PLC Acquisition of 10% Interest in Lemang PSC (3316H)
23 Noviembre 2022 - 1:44AM
UK Regulatory
TIDMJSE
RNS Number : 3316H
Jadestone Energy PLC
23 November 2022
Completion of Acquisition of 10% Interest in Lemang PSC
23 November 2022 - Singapore: Jadestone Energy plc ("Jadestone"
or the "Company"), an independent oil and gas production company
focused on the Asia-Pacific region, is pleased to announce the
completion of the acquisition of the remaining 10% interest in the
Lemang production sharing contract (the "Lemang PSC") onshore
Indonesia. As a result, Jadestone's interest (pre local government
back-in rights) in the Lemang PSC has increased to 100%.
The 10% interest has been 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 has released Hexindo from unpaid amounts
relating to Hexindo's interest in the Lemang PSC and has paid a
consideration of $500,000 (inclusive of transfer taxes, which
Jadestone will remit directly to the Indonesian government).
The Lemang PSC contains the Akatara gas field development, which
reached final investment decision in June 2022. The field has been
independently estimated to contain 18.7 mmboe of gross 2C resource,
and is being developed to displace coal in local gas-fired power
generation, as well as condensate sales and LPG for local
residential use. Production remains on track for the first half of
2024. Once onstream, the Akatara development 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 emissions intensity.
Paul Blakeley, President and CEO commented:
"We have acquired Hexindo's interest for US$0.26/boe of 2C
resource, compared to the original acquisition cost of US$0.70/boe
in 2020 - a very attractive bolt-on deal for Jadestone,
particularly given the significant commercial and development
progress since the initial acquisition was announced. Activity at
the Akatara gas development project is progressing well and we
remain on track to deliver this key organic growth project for
Jadestone in the first half of 2024."
For further information, please contact:
Jadestone Energy plc
Paul Blakeley, President and CEO +65 6324 0359 (Singapore)
Bert-Jaap Dijkstra, 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
Georgia Edmonds
Elfie Kent
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 and Vietnam.
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 16.67% non-operated interest in the North West Shelf Oil Project
offshore Western Australia, comprising four oil fields containing
significant upside potential through potential infill drilling and
life extension activities.
The Company 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 in the Lemang PSC, onshore Sumatra,
Indonesia, which includes the Akatara gas field development, where
first production is expected in the first half of 2024.
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 (LEI: 21380076GWJ8XDYKVQ37) is listed on
the AIM market of the London Stock Exchange (AIM: JSE). The Company
is headquartered in Singapore. For further information on the
Company please visit www.jadestone-energy.com .
Cautionary Statements
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.
A. Shahbaz Sikandar of Jadestone Energy plc, Group Subsurface
Manager with a Masters degree in Petroleum Engineering, and who is
a member of the Society of Petroleum Engineers and has worked in
the energy industry for more than 25 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
boe barrels of oil equivalent
--------------------------------------------------------
LPG liquid petroleum gas
--------------------------------------------------------
mmboe million barrels of oil equivalent
--------------------------------------------------------
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