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MALAYSIA

PM318, AAKBNLP

Jadestone has executed a sale and purchase agreement to acquire a 50% non-operated working interest in the PM 318 and AAKBNLP licences, offshore Peninsular Malaysia

The licence blocks, which are operated by PETRONAS Carigali, hold several producing oil and gas fields, including North Lukut, Penara, and Puteri.  The fields have been developed by way of fixed wellhead platforms, which are connected to the Bunga Kertas FPSO.

Completion of the acquisition will occur upon satisfaction of conditions including regulatory acceptance of the transaction by PETRONAS and waiver of the pre-emption right held by the operator, PETRONAS Carigali, who holds the remaining 50% working interest.

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