Jadestone bids for Woodside's offshore Australia projects

Asia Pacific-focused Jadestone Energy on February 13 confirmed its participation in the bidding process for Woodside's interests in the Macedon and Greater Pyrenees projects offshore Western Australia.

The proposed acquisition encompasses Woodside's stakes in the Macedon gas field and a group of producing oil fields collectively known as the Pyrenees Area.

Woodside's net working interest production from the Macedon field and Pyrenees Area during the second half of 2023 averaged approximately 28,000 barrels of oil equivalent/day. 

Should Jadestone emerge as the preferred bidder and successfully negotiate acquisition terms with Woodside, the proposed transaction would be classified as a reverse takeover in accordance with AIM listing rules. Consequently, its shares were suspended from trading prior to the London market open on February 14.

Jadestone currently boasts a diverse portfolio of production and development assets spread across Australia, Malaysia, Indonesia, Thailand, and Vietnam.