Jadestone still working on approval for New Zealand acquisition

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

The AIM-traded firm said it was still working with the seller OMV New Zealand to satisfy the remaining outstanding conditions to complete the acquisition, in particular the approval of the regulator, New Zealand Petroleum and Minerals (NZPAM).

“While this work is continuing, the company expects that completion will occur in the second half of 2021,” the board said in its statement.

At the same time, Jadestone said it was in discussions with OMV New Zealand to extend the long stop date under the Maari sale and purchase agreement, which was currently set at 30 June.

The company said it would provide an update once a date was confirmed.

“The company 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,” the board added.

At 0904 BST, shares in Jadestone Energy were down 3.55% at 68p.