Jadestone Energy Satisfies All Conditions Required to Complete the Montara Acquisition
Friday 21 September 2018
Jadestone Energy Inc., an independent oil and gas production company focused on the Asia Pacific region, announced that all conditions precedent to its proposed acquisition of the Montara oil project, offshore Australia are now satisfied.
All conditions precedent to the Sale and Purchase Agreement signed on 15 July 2018 (“SPA”) are now satisfied, meaning Jadestone as buyer, and PTT Exploration and Production Public Company Limited (“PTTEP”) as seller, can proceed to complete the transaction. In line with the SPA, completion is expected within ten days.
Upon completion, Jadestone will work jointly with PTTEP under the terms of an Operator and Transitional Services Agreement to begin implementing Jadestone’s operating philosophy, focused on production efficiency, cost reduction, and planning for further investment into the asset, including an infill drilling programme starting in 2019.