Photo: FPSO Raroa © OMV

Jadestone to close Maari field deal in 2H 2021

Singapore’s Jadestone Energy expects to complete the acquisition of the 69 per cent operated interest in the Maari asset, located in the shallow water offshore New Zealand, from OMV in 2H 2021.

Jadestone entered into an agreement with OMV for the acquisition of a 69 per cent operated working interest in the Maari asset back in November 2019.

The acquisition was supposed to be completed in 2020. Despite several delays, Jadestone said in March 2021 it was committed to closing the deal. As the effective date remains 1 January 2019, Jadestone will ultimately receive all economic benefits of the Maari interest from that date.

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In an update on Wednesday, Jadestone said that the company has continued working with the seller, OMV New Zealand, to satisfy the remaining outstanding conditions to complete the acquisition, in particular the approval of New Zealand Petroleum & Minerals (NZP&M). While this work is continuing, the company expects that completion will occur in the second half of 2021.

In parallel with the NZP&M discussions, Jadestone is in discussions with OMV New Zealand and expects to extend the long-stop date under the Maari sale and purchase agreement, which is currently set at 30 June 2021. The company will provide an update, once a date has been confirmed.

Furthermore, Jadestone intends to issue updated production guidance in due course, accounting for a revised expectation on timing to close the Maari asset acquisition and the positive impact of the acquisition of the SapuraOMV Peninsular Malaysia assets announced on 30 April 2021.

The FPSO Raora is operating on the Maari field located in the South Taranaki Bight, approximately 80 km off the coast of Taranaki New Zealand. Production from the field began in February 2009.