Jadestone Energy announced that it has executed a sale and purchase agreement with OMV New Zealand Limited, a subsidiary of OMV, to acquire an operated 69% interest in the Maari Project, shallow water offshore New Zealand , for a total headline cash consideration of US$50 million, to be funded from the Company’s cash resources.
Overview of the Maari Project
The Maari Project is a mid-life producing asset located in permit PMP 38160, in the offshore Taranaki basin, in 100 metres water depth, approximately 80 kilometres southwest of New Zealand’s North Island. The project includes the Maari and Manaia oil fields, produced via a self-elevated jack-up wellhead platform, an FPSO, owned by the joint venture partners (being Horizon Oil Limited (26%) and Cue Taranaki Pty Ltd (5%)) and the associated decommissioning liability with respect to all facilities, which is shared by the partners in accordance with their respective working interests.
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