Jadestone Energy Inc., an independent oil and gas production company focused on the Asia Pacific region, announces that all conditions precedent to its proposed acquisition of the Montara oil project (“Montara”), offshore Australia are now satisfied.

All conditions precedent to the Sale and Purchase Agreement signed on 15 July 2018 (“SPA”) are now satisfied, meaning Jadestone as buyer, and PTT Exploration and Production Public Company Limited (“PTTEP”) as seller, can proceed to complete the transaction.  In line with the SPA, completion is expected within ten days.

Paul Blakeley, President and CEO commented
“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.”

Upon completion, Jadestone will work jointly with PTTEP under the terms of an Operator and Transitional Services Agreement to begin implementing Jadestone’s operating philosophy, focused on production efficiency, cost reduction, and planning for further investment into the asset, including an infill drilling programme starting in 2019.