Indonesian upstream operator PT Prima Petroleum Energi (Prima Energy) has acquired a stake in London-listed Jadestone Energy, deepening its commitment to the Southeast Asian oil and gas sector.
Prima Energy has expanded its footprint in the exploration and production (E&P) industry with the recent acquisition of a 28.3% stake in AIM-listed and Southeast Asia-focused Jadestone Energy.
This strategic investment was completed after an extensive in-house assessment of Jadestone’s assets in Australia, Indonesia, Malaysia, and Vietnam and demonstrates the Indonesian firm’s commitment to the industry in the region.
The AIM-listed company, which is currently valued at £228 million (approximately $304.97 million), has ten assets in four countries and offices in five countries with over 400 staff.
Prima Energy, which was established in 2021, operates two PSCs, Bawean and Northwest Natuna, with 100% interest in Indonesia, where it is currently focused on adding value to older assets.
The Asian player’s sister company, the Soechi Group, is involved with shipping and marine services, especially transporting and storing oil and gas, which continues to support the Indonesian firm’s expansion into more offshore oil and gas activities.
Pieters Utomo, Chief Executive of Prima, commented: “Our acquisition of a material stake in Jadestone is an exciting development for our company as we look to build our presence within the industry more widely across SE Asia while we continue to progress our work on our Indonesian projects.
“We believe there is excellent potential in Jadestone’s assets and look forward to working with the board and management to help create value for all stakeholders.”