Business
Jadestone Energy withdraws from Bone PSC
Jadestone Energy withdraws from Bone PSC.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0016G Jadestone Energy Inc. 23 May 2017 \n\nJadestone Energy withdraws from Bone PSC, offshore Indonesia\nPortfolio realignment continues with emphasis on producing and development opportunities\nMay 23, 2017 - Singapore: Jadestone Energy Inc. (TSXV: JSE) (the \"Company\") announces, in line with the Company's strategy, its withdrawal from the Bone production sharing contract offshore Indonesia (\"Bone PSC\"), a further key step in releasing the company from non-strategic exploration assets.\n \nBone PSC is operated by Mitra Energy (Indonesia Bone) Limited, a wholly owned subsidiary of the Company, with a sixty percent (60%) working interest. Azimuth Indonesia Limited (\"Azimuth\") holds the remaining forty percent (40%) working interest. Agreement has been reached to transfer the sixty percent (60%) working interest and operatorship to Azimuth, subject to government approval. \n \nJadestone Energy Executive Chairman, Paul Blakeley, said: \"Our decision to withdraw from this PSC is in line with the Company's new strategic focus on increasing value through production and development rather than long dated, frontier exploration. This withdrawal is at no cost to the company as we continue to re-shape the portfolio. The new management team's efforts to achieve a balanced portfolio of production and development assets with additional growth from low risk exploration has already shown substantial results in our first nine months.\"\n \nFollowing the March closing of the acquisition of a 50% interest in the producing Ogan Komering PSC in Indonesia, Jadestone Energy is now aiming to complete the purchase of an interest in two appraised gas fields offshore Vietnam in the Nam Con Son basin and bring them on-stream in late 2019. The company also plans to further develop its existing assets in Vietnam's Malay Basin, the Nam Du and U Minh gas fields.\n \nJadestone Energy's recent portfolio activity includes: \n \n· The acquisition of the 100% operated interest in the Stag oil field in Australia from Quadrant Energy and Santos, bringing the first production and cash flow in the company's history\n· The acquisition of a 50% participating interest in the Ogan Komering PSC in Indonesia from Repsol,...