Portfolio

Jadestone gets approval for acquisition of Malaysia assets

By Josh White

Date: Friday 16 Jul 2021

Jadestone gets approval for acquisition of Malaysia assets

(Sharecast News) - Asia-Pacific-focussed oil and gas production company Jadestone Energy announced on Friday the satisfaction of all conditions required to complete its proposed acquisition of the peninsular Malaysia assets of SapuraOMV Upstream, including the approval of Malaysia's national oil company Petronas.
The AIM-traded firm said itself and SapuraOMV would now proceed to complete the transaction, which would entail Jadestone paying the headline consideration of $9m, subject to agreed adjustments.

At completion, Jadestone would also receive the economic benefits from the assets accruing from the effective date of 1 January 2021.

Under the terms of the agreement, completion was scheduled to occur around 30 July.

"I am delighted to see that the conditions to complete this transaction are now satisfied, allowing us to conclude our acquisition of the peninsular Malaysia assets in a very efficient way," said president and chief executive officer Paul Blakeley.

"Our ability to complete this transaction within just three months of announcing the deal is a testament to the strong spirit of collaboration with each of the seller, Petronas Carigali and Petronas.

"Jadestone is well prepared for working within the Malaysian regulatory regime, with a significant in-country presence and our operational leadership team already on the ground."

At 1054 BST, shares in Jadestone Energy were up 0.26% at 75.7p.

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