The Company continues to anticipate closing the Acquisition by the end of 2020
Jadestone Energy revises Maari acquisition long stop date. (Credit: D Thory from Pixabay)
Jadestone Energy Inc. (AIM:JSE) (“Jadestone”, or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, has agreed with OMV New Zealand Limited (“OMV”) to amend the long stop date for the Company’s acquisition of a 69% interest in the Maari Project, shallow water offshore New Zealand (the “Acquisition”).
The parties have made substantial progress toward satisfying the Acquisition’s closing conditions, including obtaining the majority of third party consents. As a precautionary measure in acknowledgement of the remaining closing condition, being final New Zealand Government regulatory approval, and amidst the New Zealand 2020 general election, the Company and OMV have agreed to revise the long stop date from November 15, 2020 to January 31, 2021. Both parties remain fully committed to the transaction and the Company continues to anticipate closing the Acquisition by the end of 2020.
Jadestone intends to establish New Zealand as an extension to its Australia core area, and sees the Maari Project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.
Source: Company Press Release