TIDMJSE
RNS Number : 4535F
Jadestone Energy PLC
16 July 2021
Jadestone Energy
Conditions Satisfied for Malaysia Acquisition
16 July 2021-Singapore: Jadestone Energy plc ("Jadestone", the
"Company" or together with subsidiaries, the "Group"), an
independent oil and gas production company focused on the Asia
Pacific region, is pleased to announce the satisfaction of all
conditions required to complete its proposed acquisition of the
Peninsular Malaysia assets (the "Assets") of SapuraOMV Upstream
Sdn. Bhd. ("SapuraOMV" or the "Seller"), including receipt of
PETRONAS approval.
Jadestone and SapuraOMV will now proceed to complete the
transaction, which will entail Jadestone paying the headline
consideration of US$9 million, subject to agreed adjustments. At
completion, Jadestone will also receive the economic benefits from
the Assets accruing from the effective date of 1 January 2021.
Under the terms of the acquisition agreement, completion is
scheduled to occur on or about 30 July 2021.
Paul Blakeley, President and CEO commented:
"I am delighted to see that the conditions to complete this
transaction are now satisfied, allowing us to conclude our
acquisition of the Peninsular Malaysia assets in a very efficient
way. Our ability to complete this transaction within just three
months of announcing the deal is a testament to the strong spirit
of collaboration with each of the Seller, PETRONAS Carigali and
PETRONAS.
"I would like to acknowledge the clear and practical regulatory
processes as well as the efficiency exhibited by PETRONAS during
this approval process.
"Jadestone is well prepared for working within the Malaysian
regulatory regime, with a significant in-country presence and our
operational leadership team already on the ground. We now look
forward to rebuilding our operating presence in-country, deepening
key relationships, and establishing a significant business, drawing
on the deep pool of Malaysian national talent."
Upon completion, the Assets will add immediate cash flow from
around 6,000 barrels of oil equivalent per day of low operating
cost production, on a net working interest basis, of which over 90%
is oil. Adding the Assets to the Jadestone portfolio will increase
the Group's 2P reserves by 34%, adding 12.5 million barrels oil
equivalent of net working interest 2P reserves as at 31 December
2020, based on Jadestone's best estimate 2P reserves production
profile.
For further information, please contact:
Jadestone Energy plc +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +44 7392 940 495 (UK)
Dan Young, CFO ir@jadestone-energy.com
Robin Martin, Investor Relations Manager
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, 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
a 100% operated working interest in two gas development blocks in
Southwest Vietnam, and an operated 90% interest 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 an operated 69% interest in the Maari Project,
shallow water offshore New Zealand, and anticipates completing the
transaction in 2021, upon receipt of customary approvals. The
Company has also executed a sale and purchase agreement to acquire
interests in four oil producing licences offshore Peninsula
Malaysia; two operated and two non-operated positions. Completion
of the transaction is scheduled to occur on or about 30 July
2021.
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, Group Subsurface
Manager with a Masters degree in Petroleum Engineering, and who is
a member of the Society of Petroleum Engineers and has been
involved in the energy industry for more than 19 years, has read
and approved the technical disclosure in this regulatory
announcement.
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.
Glossary
2P Reserves The sum of proved and probable reserves. Denotes
the best estimate scenario of reserves
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July 16, 2021 02:17 ET (06:17 GMT)
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