Horizon Oil Limited : - Maari Project Proposed sale of OMV New Zealand interest

Horizon Oil holds a 26% interest in the Maari and Manaia oil fields in New Zealand (Maari Project).

Horizon Oil's joint venture partners in the Maari Project are OMV New Zealand Limited (69%) and Cue Energy Resources Limited (5%). OMV New Zealand currently operates the field.

Jadestone Energy Inc. (AIM: JSE, TSXV: JSE) has announced that it has executed a conditional sale and purchase agreement to acquire OMV New Zealand Limited's 69% interest in the Maari Project.

Jadestone discloses in its announcement that completion of the proposed transaction will occur upon satisfaction of conditions, including acceptance of Jadestone as operator by the Maari joint venture partners, New Zealand Government approvals relating to title transfer and change of operatorship and other customary conditions on or before 15 November 2020. Jadestone anticipates completing the transaction in H2 2020.

OMV New Zealand will continue as operator of the Maari Project until, and subject to, completion of the proposed transaction.

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