Jadestone Energy agrees to revised long stop date for Maari Project acquisition

Jadestone Energy has agreed with OMV to amend the long stop date for the Company’s acquisition of a 69% interest in the Maari Project, shallow water offshore New Zealand.

The parties have made substantial progress towards satisfying the Acquisition’s closing conditions, including obtaining the majority of third party consents.

As a precautionary measure in acknowledgement of the remaining closing condition, being final New Zealand Government regulatory approval, and amidst the New Zealand 2020 general election, the Company and OMV have agreed to revise the long stop date from the 15^th November 2020 to the 31^st January 2021.

Both parties remain fully committed to the transaction and the Company continues to anticipate closing the Acquisition by the end of 2020.

Jadestone intends to establish New Zealand as an extension to its Australia core area, and sees the Maari Project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.

Source: Energy-pedia