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Closing of the Lemang PSC Acquisition

Source: www.gulfoilandgas.com 12/11/2020, Location: Asia

Jadestone Energy Inc. (JSE) (“Jadestone”) is pleased to announce that all conditions required to complete its proposed acquisition of an operated 90% interest in the Lemang production sharing contract (the “Lemang PSC”), onshore Indonesia, are now satisfied.

This includes receipt of governmental approval of the assignment of the interest and of Jadestone’s appointment as operator, and other consents required under the Lemang PSC joint operating agreement.

Jadestone, as buyer, and Mandala Energy Lemang Pte Ltd (the “Seller”), will now proceed to close the transaction, which will become effective upon the Seller confirming receipt of the US$12 million purchase consideration. This is anticipated to occur within the coming days.

Paul Blakeley, President and CEO commented:

“I am delighted to complete our acquisition of the Lemang PSC, and to re-establish our operating presence in Indonesia. The asset adds balance and diversity to our portfolio and creates an opportunity to develop high-value gas for an energy-hungry region; a region which is otherwise increasingly dependent on coal to meet its growing energy needs.

“I am delighted to complete our acquisition of the Lemang PSC, and to re-establish our operating presence in Indonesia. The asset adds balance and diversity to our portfolio and creates an opportunity to develop high-value gas for an energy-hungry region; a region which is otherwise increasingly dependent on coal to meet its growing energy needs.

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