Jadestone Energy to acquire a 69% interest in the Maari Project from OMV for $50m.

Jadestone Energy, an upstream oil and gas development and production company, agreed to acquire a 69% interest in the Maari Project, a mid-life producing asset located in permit PMP 38160, in the offshore Taranaki basin, from OMV, an Austrian multinational integrated oil, gas and petrochemical company, for $50m. "I’m delighted to establish a new operating presence in New Zealand and to begin building relationships with local regulators, communities, staff and other stakeholders. Adding the Maari Project to our growing portfolio of high-value assets in the Asia Pacific region demonstrates our ability to bolt on new assets and provides more than a decade of additional free cashflow, even in the 2P reserves only scenario, as supported by our external reserves audit," Paul Blakeley, Jadestone Energy President and CEO.