Jadestone Energy, formerly known as Mitra Energy, has announced its withdrawal from the Bone production sharing contract offshore Indonesia (Bone PSC), a further key step in releasing the company from non-strategic exploration assets.
Bone PSC is operated by Mitra Energy (Indonesia Bone) Limited, a wholly owned subsidiary of the company, with a sixty percent working interest.
Azimuth Indonesia holds the remaining forty percent working interest. Agreement has been reached to transfer the 60% working interest and operatorship to Azimuth, subject to government approval.
Jadestone Energy Executive Chairman, Paul Blakeley, said: “Our decision to withdraw from this PSC is in line with the company’s new strategic focus on increasing value through production and development rather than long dated, frontier exploration. This withdrawal is at no cost to the company as we continue to re-shape the portfolio. The new management team’s efforts to achieve a balanced portfolio of production and development assets with additional growth from low risk exploration has already shown substantial results in our first nine months.”
Following the March closing of the acquisition of a 50% interest in the producing Ogan Komering PSC in Indonesia, Jadestone Energy is now aiming to complete the purchase of an interest in two appraised gas fields offshore Vietnam in the Nam Con Son basin and bring them on-stream in late 2019. The company also plans to further develop its existing assets in Vietnam’s Malay Basin, the Nam Du and U Minh gas fields.