Jadestone acquisition of Montara project clear to proceed

Independent oil and gas production company Jadestone Energy announced on Friday that all conditions precedent to its proposed acquisition of the Montara oil project, offshore Australia, were now satisfied.

The AIM-traded firm said all conditions precedent to the sale and purchase agreement signed on 15 July were now satisfied, meaning Jadestone as buyer, and PTT Exploration and Production as seller, could proceed to complete the transaction.

In line with the agreement, completion was expected within 10 days.

“We are delighted to achieve satisfaction of all conditions precedent to this transformational deal for Jadestone, and look forward to completing the acquisition as planned,” said the company’s president and chief executive officer Paul Blakeley.

Upon completion, Jadestone said it would work jointly with PTTEP under the terms of an operator and transitional services agreement to begin implementing its operating philosophy, focused on production efficiency, cost reduction, and planning for further investment into the asset, including an infill drilling programme starting in 2019.