Mitra changes name to signal break from exploration-led strategy
Malaysian oil and gas company Mitra Energy has changed its name to Jadestone Energy, effective immediately.
The company said the name change is part of its shift in strategy, driven by a new leadership team and board of directors.
Executive Chairman Paul Blakeley said: “We are moving in a new direction and we want to be defined by our actions in the years ahead rather than by the past. A new name helps us achieve this as well as signaling a break from the company’s previous exploration-led strategy.”
According to its statement, the new-look company’s approach is to establish itself as an oil and gas development and production company in the Asia Pacific region, driven by acquisition and further development of producing fields and stranded discoveries.
The new leadership took its first steps last month completing the acquisition of its first producing asset offshore Western Australia, the Stag oilfield, currently producing about 3,400 barrels a day, but with potential for significantly more by investing in new infill drilling and facility optimization. The company bought Stag from Santos and Quadrant.
Further, Jadestone Energy is now aiming to complete the purchase of two appraised gas fields in Blocks 05-1b and 05-1c offshore Vietnam in the Nam Con Son basin in the next two months and bring them on stream in 2019, as well as further development of its existing assets in Vietnam’s Malay Basin with the Nam Du and U Minh gas fields.
Blakeley said: “The rebranding of Mitra to Jadestone Energy is an essential part of demonstrating to the market and to key stakeholders that we are a different company today, with different capabilities and strategy. Our business model is well proven in Asia Pacific and we have brought together a talented team with a track record of success in identifying and extracting significant trapped value from producing assets, through operating efficiencies, from increasing production, reducing costs and adding reserves with new infill drilling.
“We have a strong pipeline of potential acquisitions and we are looking to establish two or three core operating areas in the region with multiple growth opportunities that can deliver exceptional returns to our shareholders.”
The company has raised C$53 million to complete the purchase of the Stag oilfield and fund its further development, as well as an additional US$28 million, via a convertible loan, to contribute towards further acquisition opportunities.