Jadestone extends due date amid ongoing delays in Maari deal

Asia-Pacific-focussed oil and gas production company Jadestone Energy updated the market on the planned completion of its acquisition of a 69% operated interest in the Maari asset, in shallow water offshore New Zealand, on Wednesday.

The AIM-traded firm said that, following recent discussions with the seller OMV New Zealand, both companies had agreed to extend the long-stop date under the Maari sale and purchase agreement to 31 December.

“Both OMV NZ and the company continue to work to satisfy the remaining outstanding conditions and to complete the transaction,” the board said in its statement.

“However, and as previously disclosed, there is ongoing uncertainty in the timing of New Zealand government approval.

“As a result, further updates on the Maari acquisition will only be made in the event that the transaction completes, or there is a material change in the status of the transaction.”

At 0853 BST, shares in Jadestone Energy were down 1.31% at 78.95p.