• Natural Gas News

    Jadestone updates on Mari acquisition

Summary

The Asia Pacific-focused explorer said said the deadline to close the deal to acquire a 69% interest in the Maari project offshore New Zealand had been postponed to August 31.

by: Shardul Sharma

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Asia/Oceania, Corporate, Exploration & Production, Investments, News By Country, New Zealand

Jadestone updates on Mari acquisition

Asia Pacific-focused Jadestone Energy on June 30 said the deadline to close the deal to acquire a 69% interest in the Maari project offshore New Zealand has been postponed to August 31.

“Further to the company's announcement on 9 June 2021, we are pleased to confirm that following discussions with the seller OMV New Zealand Limited, both Jadestone and OMV NZ have agreed to extend the long stop date under the Maari sale and purchase agreement to 31 August 2021,” it said. 

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 field as part of plans to focus more on its gas business.