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Jadestone Energy Acquires 10% Stake in Lemang PSC
Friday 25 November 2022

Singapore-based oil and gas production company Jadestone Energy plc (LSE: JSE) has closed the acquisition of the remaining 10% interest in the Lemang production sharing contract onshore Indonesia, the company said.

As a result, Jadestone's interest (pre local government back-in rights) in the Lemang PSC has increased to 100%.

The 10% interest has been acquired through the execution of a Settlement and Transfer Agreement between Jadestone and PT Hexindo Gemilang Jaya.

In return for the transfer of Hexindo's 10% stake, Jadestone has released Hexindo from unpaid amounts relating to Hexindo's interest in the Lemang PSC and has paid a consideration of USD 500,000 (inclusive of transfer taxes, which Jadestone will remit directly to the Indonesian government).

The Lemang PSC contains the Akatara gas field development, which reached final investment decision in June 2022.

The field has been independently estimated to contain 18.7 mmboe of gross 2C resource, and is being developed to displace coal in local gas-fired power generation, as well as condensate sales and LPG for local residential use.

Production remains on track for the first half of 2024. Once onstream, the Akatara development will broaden Jadestone's production base, as well as increase the proportion of gas in the production mix, thereby reducing the company's greenhouse gas emissions intensity.

Jadestone Energy plc is an independent oil and gas company focused on the Asia-Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Malaysia, Indonesia and Vietnam.

The company has a 100% operated working interest in the Stag oilfield and in the Montara project, both offshore Australia.

Both the Stag and Montara assets include oil producing fields, with further development and exploration potential.

The company also has a 16.67% non-operated interest in the North West Shelf Oil Project offshore Western Australia, comprising four oil fields containing significant upside potential through potential infill drilling and life extension activities.

The company has interests in four oil producing licences offshore Peninsula Malaysia; two operated and two non-operated positions.

Further, the company has a 100% operated working interest in two gas development blocks in Southwest Vietnam, and an operated 100% interest in the Lemang PSC, onshore Sumatra, Indonesia, which includes the Akatara gas field development, where first production is expected in the first half of 2024.
Date Published: 25/11/2022