Jadestone Energy has mutually agreed with OMV New Zealand, a subsidiary of OMV, to terminate the sale and purchase agreement to acquire an operated 69% interest in the Maari Project, offshore New Zealand.
As reported in its 2022 Half-Year results statement on 20 September 2022, following legislative changes to New Zealand’s upstream regulatory framework at the end of 2021, Jadestone has been continually engaged with OMV New Zealand and the New Zealand Government to seek clarity on the processes, terms and associated timeline required to complete the Maari transaction. Due to a lack of progress on regulatory approval, and resultant uncertainty over the timing of this approval for the transfer of interest and operatorship of the Maari Project, Jadestone and OMV have now reluctantly reached a decision to terminate the transaction.
Jadestone Energy, headquartered in Singapore, is a leading upstream oil and gas development and production company focused on the Asia Pacific region. Its asset portfolio includes producing and development assets in Australia, Indonesia, Malaysia and Vietnam.
(Source: Jadestone – Image: Maari field platform/OMV)