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    Jadestone to close Maari deal in H2

Summary

The company said it working with the seller, OMV, to satisfy the remaining outstanding conditions to complete the acquisition of Maari project offshore New Zealand.

by: Shardul Sharma

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Jadestone to close Maari deal in H2

Asia Pacific-focused Jadestone Energy expects to close the deal to acquire a 69% interest in the Maari project offshore New Zealand in the second half of 2021, it said on June 9.

The company has continued working with the seller, OMV New Zealand Limited, to satisfy the remaining outstanding conditions to complete the acquisition, in particular the approval of New Zealand Petroleum & Minerals,” it said. “While this work is continuing, the company expects that completion will occur in the second half of 2021.”

Jadestone said it is in discussions with OMV and expects to extend the long stop date under the Maari sale and purchase agreement, which is currently set at June 30.

The company last year said it intends to establish New Zealand as an extension to its Australia core area and sees the Maari project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.

The deal was announced in November 2019. Austria’s OMV is exiting the Maari oil field as part of plans to focus more on its gas business.