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    Jadestone, OMV seek more time to close Maari deal

Summary

Jadestone said the deadline to close the deal to acquire a 69% interest in the Maari project offshore New Zealand has been extended from August 31 to December 31.

by: Shardul Sharma

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Jadestone, OMV seek more time to close Maari deal

Asia Pacific-focused Jadestone Energy on September 8 said the deadline to close the deal to acquire a 69% interest in the Maari project offshore New Zealand has been extended from August 31 to December 31.

"Both OMV NZ and the company continue to work to satisfy the remaining outstanding conditions and to complete the transaction. However, and as previously disclosed, there is ongoing uncertainty in the timing of New Zealand government approval," Jadestone said.

Previously, the companies had extended the deadline from June 30 to August 31. Jadestone 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.