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Jadestone Energy PLC - oil and gas producer focused on the Asia-Pacific region - Acquires remaining 10% interest in the Lemang production sharing contract it does not own from PT Hexindo Gemilang Jaya for USD500,000.
The acquisition is conditional on approval from the Indonesian government and Hexindo's shareholders.
Lemang PSC contains the fully appraised Akatara gas field, which is estimated to contain a 2C gross resource of 63.74 billion standard cubic feet of natural gas, 2.45 million barrels of condensate and 5.64 million barrels of oil equivalent of liquid petroleum gas.
"The Lemang PSC is a key organic growth project for Jadestone and will provide meaningful gas production to the local market; displacing coal-fired power generation. We continue to make significant progress on commercial terms, with negotiations over a fully termed gas sales agreement at an advanced stage, and I would like to thank the buyer and the Indonesian government for their continued constructive engagement," says Chief Executive Officer Paul Blakeley.
Current stock price: 82.00 pence
Year-to-date change: up 33%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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