Jadestone picks up interest in two Thai gas assets for $32.5mn
Southeast Asia-focused Jadestone Energy has signed a deal with Salamander Energy, a unit of Indonesia’s Medco Energi Internasional, to acquire stakes in Sinphuhorm gas field and Dong Mun gas discovery onshore Thailand for $32.5mn, the company said on January 19.
Jadestone has bought Salamander’s interest in three legal entities, which collectively own a 9.52% non-operated interest in the producing Sinphuhorm gas field and a 27.2% interest in the Dong Mun gas discovery.
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Jadestone will acquire 4.6mn boe of 2P reserves. Based on the headline consideration of $32.5mn, this represents an acquisition cost of about $7.1/boe.
“The asset is highly predictable and reliable, running at close to 100% uptime in 2022 and with a high take-or-pay to a regional power station for electricity generation,” Jadestone CEO Paul Blakeley said. “We see upside from further infill drilling within Sinphuhorm, with wells planned in 2023 and 2024, and the potential development of the Dong Mun gas discovery, which is 100% owned by APICO, and which represents upside beyond the consideration paid.”