Jadestone Energy completed the acquisition of a 50% interest in the Ogan Komering Production Sharing Contract covering three mature producing oil and gas fields onshore Sumatra, Indonesia, in March 2017.

The effective acquisition date is 1 July 2016, since when the field has averaged 3,000 barrels of oil equivalent per day (gross); approximately 70% oil and 30% gas.

The Ogan Komering fields in the South Sumatra Basin have substantial further potential and represent Jadestone’s first step towards creating a new core area in South Sumatra, which has extensive infrastructure and growing local energy demand and where Jadestone’s management has extensive operating experience, technical knowledge, relationships and history.

Jadestone will initially jointly operate the field with its partner Pertamina through a Joint Operating Body and has seconded 11 staff to the operation and anticipate the staff will continue to assist Pertamina with early development of recent gas discoveries working cooperatively into 2018 and beyond under a JOA arrangement in a new PSC.

Jadestone plans an independent reserves evaluation, including remaining potential of the producing fields and existing undeveloped discoveries.