In November 2019, Jadestone announced that it had executed a sales and purchase agreement with OMV New Zealand Limited to acquire a 69% operated interest in the Maari Project, located 120 km offshore New Zealand and including the producing Maari and Manaia oil fields. The fields are located within PMP 38160 in the offshore Taranaki basin, in a water depth of approximately 100 metres.
The Maari and Manaia oil fields are produced via a self-elevated jack-up wellhead platform and an FPSO, owned by the joint venture partners (the other two being Horizon Oil Limited (26%) and Cue Taranaki Pty Ltd (5%)).
Reservoirs in the Maari fields include the Miocene S0 and Moki Formations and the Eocene Mangahewa Formation. The S0 and Moki reservoirs were deposited in a Miocene turbidite fan system, with average porosities in the 19-22% range and permeabilities ranging from 11-100 millidarcies. The Mangahewa reservoirs were deposited in an Eocene fluvio-deltaic system, with estimated porosity and permeabilities of 17% and 100 millidarcies, respectively.
As of 28 February 2021, the fields were independently estimated to contain 2P reserves of 10.6 mm bbls of oil1 on a net 69% basis.
Jadestone would assume the operatorship of the Maari project upon completion of the transaction.
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. Jadestone and OMV New Zealand continue to work towards completion of the transaction.
1 Based on a reserves audit prepared for Jadestone by ERCE