Following the transformation of its business strategy, the company is targeting producing assets where there are opportunities to achieve significant operating efficiencies, increase production and reduce costs by applying smart field development and reservoir management strategies.
An ambitious ongoing programme of business development seeks to capture high quality production and development assets, which have resulted in the acquisition of the oil producing Stag Field in Block WA-15-L, offshore Australia. The acquisition of the Stag field was completed on November 11, 2016.
In July, 2018, the company signed a definitive agreement to acquire the producing Montara project, in Production Licences AC/L7 and AC/L8 in the Timor Sea, and completed the acquisition in September, 2018.
In November, 2019, Jadestone signed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, offshore New Zealand. The company anticipates closing the transaction in H2 2020.
Jadestone Energy’s current portfolio comprises more than 37,000 km² * of exploration and pre-development acreage across the Philippines, Vietnam and Indonesia.
* Includes SC 57 which is pending Philippines Government approval of the Jadestone Energy farm-in agreement.
Jadestone Energy owns 100% of the Stag Oilfield and 100% of the Montara project, both oil-producing assets, offshore Australia.
Jadestone has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, offshore New Zealand.
Jadestone Energy has a portfolio of development assets in Vietnam including working interests in the Block 51 and Block 46/07 PSCs.
The Philippines presents an enticing investment case for Jadestone. The company currently has an interest in one offshore service contract.
Jadestone Energy’s technical and financial centre of excellence is Kuala Lumpur, Malaysia.
Jadestone Energy has a 90% operated working interest in the Lemang PSC, and is progressing its discussions with Pertamina for participation in the Ogan Komering Gross Split PSC, both onshore Sumatra, Indonesia.
Reserve numbers for Jadestone’s assets above are from a Reserves and Resources Report dated July 15, 2018 prepared for the Company by ERC Equipoise Pte. Ltd. (“ERCE”), a qualified reserves evaluator, with an effective date of December 31, 2017.
ERCE has carried out the work using the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (“PRMS”) as the standard for classification and reporting. Click below to download the 2017 year-end reserves report for Jadestone’s assets.