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Jadestone Energy PLC on Wednesday said it has completed its acquisition of the remaining interest in the Lemang production sharing contract, located onshore Indonesia.
Jadestone is a Singapore-based oil and gas production company, with development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.
It acquired the remaining 10% interest in Lemang PSC through a settlement and transfer agreement with PT Hexindo Gemilang Jaya, an Indonesia-based technology consultancy and construction services provider.
In return for the transfer of Hexindo’s 10% stake, Jadestone has released Hexindo from unpaid amounts relating to its interest in the Lemang PSC. Jadestone has also paid $500,000 to Hexindo for the stake.
Lemang contains the Akatara gas field development, which has been independently estimated to contain 18.7 million barrels of oil equivalent of gross 2C resource, and is being developed to displace coal in local gas-fired power generation.
‘We have acquired Hexindo’s interest for $0.26/boe of 2C resource, compared to the original acquisition cost of $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,’ said Chief Executive Officer Paul Blakeley.
‘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.’
Jadestone shares were trading 0.8% lower at 73.00 pence each in London on Wednesday morning.
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