Jadestone completed the acquisition of a 16.67% stake in North West Shelf Oil Project from BP for $20m.

Jadestone, an oil and gas production company, completed the acquisition of a 16.67% stake in North West Shelf Oil Project from BP, a British multinational oil and gas company, for $20m. “We are very pleased to have gained access to this material asset, particularly as we see very significant upside through further investment in the future. Our transaction is benefiting from the effective date, which was nearly two years ago, and the strengthening of the oil price in that same period. We will also see a positive impact from the next equity lifting, which is likely to generate significant cash proceeds for Jadestone before the end of 2022. This transaction is typical of the natural transfer of interests in maturing assets from large IOCs, where materiality thresholds do not compete within their portfolios, to smaller companies willing to invest for incremental reserves and production," Paul Blakeley, Jadestone President and CEO.