Jadestone Energy eyes reverse takeover deal

Upstream company Jadestone Energy said on Tuesday that it was working on a reverse takeover deal that would see it acquire assets owned by Woodside Energy in Australia.

Jadestone Energy said the assets in question were Woodside's Macedon and Greater Pyrenees projects, offshore Western Australia, however, it also warned that there were no assurances that it would reach any deal.

Woodside holds a 71% interest in the Macedon field and 62% of Pyrenees, with its net working interest production from both areas averaging roughly 28,000 barrels of oil equivalent in the second half of 2023.

Were Jadestone to be selected as the preferred bidder and reach an agreement with Woodside on acquisition terms, the company's ordinary shares will be suspended from trading on AIM with immediate effect and will remain so pending the publication of an AIM admission document.

As of 1045 GMT, Jadestone shares were down 1.05% at 23.50p.

Reporting by Iain Gilbert at Sharecast.com