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Jadestone has executed a sale and purchase agreement to acquire a 70% operated working interest in the PM 329 licence, offshore Peninsular Malaysia

PM 329 contains the producing East Piatu field, an oil and gas producing field, which has been developed by way of a wellhead platform and central processing platform, connected to both oil and gas export pipelines.

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 30% working interest.

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