Jadestone to Seal Indonesian Deal in Days
Asia-Pacific-focused Jadestone Energy announced on December 11 that all conditions were satisfied for the closure of its purchase of a 90% stake in the Lemang gas production-sharing contract off Indonesia.
Jadestone expects to seal the deal "within the coming days" after the seller, Mandala Energy Lemang, confirms it has received the $12mn payment.
"I am delighted to complete our acquisition of the Lemang PSC, and to re-establish our operating presence in Indonesia," Jadestone CEO Paul Blakeley said in a statement. "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."
He added the company would keep "a measured pace toward development spending," but looked forward to "resuming investment into a jurisdiction and basin we know well, through our team's prior involvement in the South Sumatra region.
The Lemang PSC contains the Akatara gas field, previously developed as an oil asset but assessed to hold 115bn ft3 of best-estimate wet gas in place. The remaining 10% of the contract is held by Hexindo Gemilang Jaya.