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Jadestone has executed a sale and purchase agreement to acquire a 60% operated working interest in the PM 323 licence, offshore Peninsular Malaysia

PM 323 contains the producing Chermingat, East Belumut, and West Belumut fields.  Each field has been developed by way of a wellhead platform which are connected to a Central Processing Platform at the East Belumut field.  Gas produced is re-injected to maintain pressure support, and oil is exported via a pipeline to an onshore oil terminal.

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 PETRONAS Carigali, who holds the remaining 40% working interest.

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