Medco Divests Oil and Gas Assets in Thailand to Jadestone

Summary

Jadestone Energy plc, an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce that it has executed a sale and purchase agreement (SPA) with Salamander Energy (S.E. Asia) Limited, an affiliate of PT Medco Energi Internasional Tbk (MEDC). Jadestone to acquire the Seller's interest in three legal entities, which collectively own a 9.52 percent non-operated interest in the producing Sinphuhorm gas field and a 27.2 percent interest in the Dong Mun gas discovery onshore northeast Thailand. The headline cash consideration is US$32.5 million, to be funded from the company's cash resources.

Paul Blakeley, President and CEO of Jadestone, said while modest in scale, this opportunistic tuck-in acquisition is low cost, low emissions intensity, and very low decline production from the onshore Sinphuhorm gas field. "The asset is an excellent addition to our portfolio, diversifying our existing production base, and is a first important step towards building a significant natural gas position within our portfolio as part of our energy transition strategy," he said in a press statement.

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