| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Jadestone Energy confirms closing of Lemang PSC acquisition
StockMarketWire.com
|
Oil and gas production company Jadestone Energy has confirmed that all conditions required to complete its proposed acquisition of an operated 90% interest in the Lemang production sharing contract, onshore Indonesia, are now satisfied.
This includes receipt of governmental approval of the assignment of the interest and of Jadestone's appointment as operator.
Jadestone and Mandala Energy Lemang will now proceed to close the transaction, which is expected to be completed in the next week.
Paul Blakeley, president and chief executive of Jadestone Energy, said: "I am delighted to complete our acquisition of the Lemang production sharing contract, and to re-establish our operating presence in Indonesia.
"The asset adds balance and diversity to our portfolio and creates an opportunity to develop high-value gas for an energy-hungry region; a region which is otherwise increasingly dependent on coal to meet its growing energy needs. "We will maintain a measured pace toward development spending, but look forward to resuming investment into a jurisdiction and basin we know well, through our team's prior involvement in the South Sumatra region."
Story provided by StockMarketWire.com
|
|
|
|
|
|
