TIDMJSE
RNS Number : 2098H
Jadestone Energy PLC
02 August 2021
Jadestone Energy
Completion of the Peninsular Malaysia Assets Acquisition
2 August 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 that, further to our press
release dated 16 July 2021, the Company has completed its
acquisition of the Peninsular Malaysia assets of SapuraOMV Upstream
Sdn Bhd (the "Assets"). Inclusive of agreed adjustments, the
Company's net consideration comprised a net cash receipt of
approximately US$9.2 million.
The Assets 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, 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, 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 Peninsular
Malaysia; two operated and two non-operated positions; completion
occurred on 1 August 2021. Further, the Company 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.
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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