Jadestone Energy Satisfies all Conditions Required to Complete the Montara Acquisition
21 September 2018—Singapore: Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (“Jadestone”), an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce that all conditions precedent to its proposed acquisition of the Montara oil project (“Montara”), offshore Australia are now satisfied.
All conditions precedent to the Sale and Purchase Agreement signed on 15 July 2018 (“SPA”) are now satisfied, meaning Jadestone as buyer, and PTT Exploration and Production Public Company Limited (“PTTEP”) as seller, can proceed to complete the transaction. In line with the SPA, completion is expected within ten days.
Paul Blakeley, President and CEO commented “We are delighted to achieve satisfaction of all conditions precedent to this transformational deal for Jadestone, and look forward to completing the acquisition as planned.”
Upon completion, Jadestone will work jointly with PTTEP under the terms of an Operator and Transitional Services Agreement to begin implementing Jadestone’s operating philosophy, focused on production efficiency, cost reduction, and planning for further investment into the asset, including an infill drilling programme starting in 2019.
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|Paul Blakeley, President and CEO|
|Dan Young, CFO|
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About Jadestone Energy Inc.
Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.
The Company has a 100% operated working interest in Stag, offshore Australia, and has announced a definitive Sale and Purchase Agreement to acquire a 100% operated working interest in the Montara project, offshore Australia, effective January 1, 2018. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest (subject to registration of PVEP’s withdrawal) in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman’s business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia-Pacific region.
Jadestone Energy Inc. is currently listed on the TSXV and AIM. The Company is headquartered in Singapore. For further information on Jadestone please visit http://www.jadestone-energy.com.
Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “guidance”, “objective”, “projection”, “aim”, “goals”, “target”, “schedules”, and “outlook”).
In particular, forward-looking statements in this press release include, but are not limited to statements regarding the timing for closing of the Sale and Purchase Agreement and the timing for its infill drilling programme.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company’s obligations under Article 17 of that Regulation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.