Photo: SapuraOMV

Jadestone closes Malaysian deal with SapuraOMV

Singapore’s Jadestone Energy has completed its previously announced acquisition of assets located offshore Peninsular Malaysia from SapuraOMV.

SapuraOMV agreed to sell its entire interests in producing assets located offshore Peninsular Malaysia to Jadestone Energy in late April 2021.

The closing of the transaction was subject to regulatory approval from Petronas and preemption rights by the joint venture partner in the assets – Petronas Carigali.

Jadestone informed in mid-July 2021 that all conditions required to complete the acquisition had been satisfied.

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SapuraOMV and Jadestone both announced the completion of the transaction on Monday 2 August 2021.

These producing assets are stakes in the PM323, PM329, PM318 and AAKBNLP Production Sharing Contracts.

According to Jadestone, the assets add immediate cash flow from around 6,000 barrels of oil equivalent per day of low operating cost production, on a net working interest basis, of which over 90 per cent is oil. Inclusive of agreed adjustments, the company’s net consideration comprised a net cash receipt of approximately $9.2 million.

Adding the assets to the Jadestone portfolio will increase the group’s 2P reserves by 34 per cent, adding 12.5 million barrels oil equivalent of net working interest 2P reserves, based on Jadestone’s best estimate 2P reserves production profile.