Jadestone advances Malaysian acquisitions

The Singapore-based firm is the latest independent to expand its upstream portfolio through the purchase of divested assets, this time in Malaysia

Singapore-based independent Jadestone Energy has received approval from Malaysian NOC Petronas to purchase stakes in four blocks in Peninsular Malaysia from SapuraOMV, a partnership between local firm Sapura Energy and Austria’s OMV. The deal is expected to be completed on or around 30 July this year. The assets comprise two operated blocks—with Jadestone acquiring 60pc of block PM 323 and 70pc of block 329—and non-operating stakes in PM318 and the combined Abu, Abu Kecil, Bubu, North Lukut and Penara licence. The acquisitions will add around 6,000bl/d oe—over 90pc of which is oil—to Jadestone’s production at a “low operating cost”. And the deal increases the firm’s proven and probable (2P)