Jadestone, Sapura $9mn deal nears completion
Southeast Asia-focused Jadestone Energy on July 16 said all conditions required to complete its proposed $9mn acquisition of Malaysian assets of SapuraOMV Upstream had been met. This also includes receipt of approval of state-run Petronas.
Jadestone and SapuraOMV will now proceed to complete the transaction. At completion, Jadestone will also receive the economic benefits from the assets accruing from the effective date of January 1, 2021, it said. Under the terms of the acquisition agreement, completion is scheduled to occur before the end of this month. The deal was announced in April.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
The company will acquire interests in four licences, two of which will be operated by Jadestone. These include a 70% operated interest in the PM329 production sharing contract (PSC), containing the East Piatu field, and a 60% operated interest in the PM323 PSC, which contains the East Belumut, West Belumut and Chermingat fields. Jadestone estimates accessing 12.5mn barrels oil equivalent of net working interest 2P reserves. All fields are in production.
In addition, the assets include a 50% non-operated working interest in the PM318 and AAKBNLP PSCs, which are operated by Petronas.