LogIn LogOut

Jadestone Now Owns 100% in Indonesia's Lemang Block. First Gas on Track for H1 2024

November 23, 2022

Oil and gas company Jadestone Energy plc has completed the acquisition of the remaining 10% interest in the Lemang production sharing contract onshore Indonesia. 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 (“Hexindo”). 

 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 $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 its 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, Jadestone said.

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.

Paul Blakeley, Jadestone President and CEO, said“We have acquired Hexindo’s interest for US$0.26/boe of 2C resource, compared to the original acquisition cost of US$0.70/boe in 2020 – a very attractive bolt-on deal for Jadestone, particularly given the significant commercial and development progress since the initial acquisition was announced. Activity at the Akatara gas development project is progressing well and we remain on track to deliver this key organic growth project for Jadestone in the first half of 2024.”

Categories: Production


Current News

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

NYK's First Domestic CTV Named "Rera As"

NYK's First Domestic CTV Named "Rera As"

Chevron Suspends Production at Thai Oil Field after Fatal Accident

Chevron Suspends Production at Thai Oil Field after Fatal Accident

Malaysia: Petra Energy Wins Work for Accommodation Workboat

Malaysia: Petra Energy Wins Work for Accommodation Workboat

Australia: ConocoPhillips Becomes Operator of VIC/P79 Offshore Block. Drilling to Start in 2024/2025

Australia: ConocoPhillips Becomes Operator of VIC/P79 Offshore Block. Drilling to Start in 2024/2025

Thailand Rushes to Avert Spill After Fatal Accident on Oil Storage Ship

Thailand Rushes to Avert Spill After Fatal Accident on Oil Storage Ship
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com