Jadestone Energy Inc - Asia Pacific-focused oil and gas company - Says all conditions required to complete its proposed acquisition of an operated 90% interest in the Lemang production sharing contract, onshore Indonesia, are now satisfied.
Jadestone and Mandala Energy Lemang Pte Ltd will now proceed to close the transaction, which will become effective upon Mandala confirming receipt of the USD12 million purchase consideration. This is expected to occur within "the coming days".
"I am delighted to complete our acquisition of the Lemang PSC, and to re-establish our operating presence in Indonesia. The asset adds balance and diversity to our portfolio and creates an opportunity to develop high-value gas for an energy-hungry region; a region which is otherwise increasingly dependent on coal to meet its growing energy needs," says President & Chief Executive Paul Blakeley.
Current stock price: 55.50 pence
Year-to-date change: down 40%
By Lucy Heming;Â lucyheming@alliancenews.com
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