Jadestone Energy Acquiring 90% Stake in Lemang Block Operator

By Editorial Team 14/12/2020
Summary

Jadestone Energy Inc, an independent oil and gas company that focuses on the Asia Pacific region, announced that it had met all the requirements needed to complete the acquisition of a 90 percent stake of Lemang Block's production sharing contract (PSC). It includes government approval of the transfer of participating interest and Jadestone's appointment as the new operator of the Lemang Block. Other requirements are met in accordance with the Lemang PSC joint operating agreement.

Jadestone as buyer and Mandala Energy Lemang Pte Ltd as the seller will continue this transaction. The Lemang Block acquisition will be effective after Mandala Energy confirms that it has received US$12 million in funds to purchase the shares. It is expected to happen in the next few 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," President and CEO Jadestone Paul Blakeley wrote in the company's press release.

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