Jadestone Energy PLC Completion of Sinphuhorm Interest Acquisition (8252Q)
23 Febrero 2023 - 1:00AM
UK Regulatory
TIDMJSE
RNS Number : 8252Q
Jadestone Energy PLC
23 February 2023
Completion of Sinphuhorm interest acquisition
23 February 2023 - 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 that it
has completed the previously announced acquisition of a 9.52%
non-operated interest in the producing Sinphuhorm gas field and a
27.2% interest in the Dong Mun gas discovery onshore northeast
Thailand.
Due to an effective date of 1 January 2022, the headline cash
consideration of US$32.5 million became US$27.8 million on
completion, due to customary closing adjustments and as disclosed
in the acquisition announcement on 19 January 2023.
The Sinphuhorm acquisition adds 4.6 mmboe of 2P reserves at the
effective date of 1 January 2022 and approximately 1,600 boe/d of
production net to Jadestone based on current rates, continuing the
growth and diversification of the Company's production base.
Jadestone estimates a return on the acquisition significantly in
excess of the Company's hurdle rates.
The transaction is a first step towards creating a significant
natural gas component within Jadestone's portfolio over the
medium-term and establishes a low-cost platform for growth in
Thailand. Further details on the Sinphuhorm acquisition can be
found in the announcement of 19 January 2023 and on the Company's
website at
https://www.jadestone-energy.com/investor-relations/presentations-communication/
.
Paul Blakeley, President and CEO commented:
"We are pleased to complete the Sinphuhorm transaction just one
month after its announcement, thanks to strong alignment and effort
between buyer and seller. When combined with the completion of the
CWLH acquisition and remaining Lemang PSC interest in November
2022, we have now closed three very accretive transactions within
the last four months, diversifying our production base and with
upside potential in all cases. This is clear evidence of increasing
M&A activity in the region, which in turn underpins our
confidence in the delivery of our growth strategy in the near to
medium term."
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 Peninsular Malaysia; two operated and two non-operated
positions, and a non-operated 9.52% interest in the Sinphuhorm
producing gas field onshore Thailand.
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.
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