Jadestone, OMV Revise NZ Deal Closure Date

Asia Pacific-focused Jadestone Energy has agreed with OMV to amend the long stop date for its acquisition of a 69% interest in the Maari project, offshore New Zealand, it said on September 25 in a statement.

“As a precautionary measure in acknowledgement of the remaining closing condition, being final New Zealand government regulatory approval, and amidst the New Zealand 2020 general election, the company and OMV have agreed to revise the long stop date from November 15, 2020 to January 31, 2021,” Jadestone said. 

The companies have made progress toward satisfying the closing conditions, including obtaining the majority of third party consents, it added. “Both parties remain fully committed to the transaction and the company continues to anticipate closing the acquisition by the end of 2020.”

Jadestone intends to establish New Zealand as an extension to its Australia core area, and sees the Maari project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.

The deal was announced in November last year. Austria’s OMV is exiting the Maari oilfield as part of plans to focus more on its gas business.