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NEW ZEALAND

Maari Project

Jadestone has executed a sale and purchase agreement to acquire an operated 69% interest in the Maari Project, offshore New Zealand

 

The project includes the Maari and Manaia oil fields, produced via a self-elevated jack-up wellhead platform and an FPSO, owned by the joint venture partners (being Horizon Oil Limited (26%) and Cue Taranaki Pty Ltd (5%)).

The fields hold 2P reserves of 13.9 mm bbls of oil1, and current production is approximately 4,000 – 4,500 bbls/d, both on a net 69% basis.

Completion of the Acquisition will occur upon satisfaction of conditions, including acceptance of Jadestone as operator by the Maari joint venture partners, New Zealand Government approvals relating to title transfer and change of operatorship and other customary conditions on or before November 15, 2020. The Company anticipates completing the transaction in H2 2020, and until then OMV New Zealand will continue as operator of the assets.

1 Based on a reserves audit prepared for the Company by ERCE, an independent qualified reserves auditor, with an effective date of December 31, 2018 and incorporating ERCE’s current oil price assumption deck (2019 real Brent crude oil prices of US$61/bbl, US$64/bbl, US$66/bbl, and US$67/bbl for 2019, 2020, 2021, and 2022 and beyond, respectively), and prepared in compliance with the COGE Handbook.

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