Jadestone's wholly owned subsidiary Mitra Energy (Philippines SC-56) Ltd, together with operator
'SC56 was a legacy asset inherited from the previous management and only had option value through a carried well. The decision not to drill the well now removes any interest for Jadestone to continue further, requiring as it would, new deep-water frontier exploration commitments. It would also not compete with existing portfolio investment options, nor potentially some of the more interesting inorganic opportunities moving into the market in the coming 12 to 18 months.
'While we have appreciated great support and cooperation, and long association with the government and regulator in
As a condition of the surrender and termination of SC56, the partners will be subject to a payment in respect of unfulfilled work commitments. Jadestone's share will be met from a portion of the proceeds of the arbitration ruling announced on
The Company also anticipates that it will record a one-time impairment charge of approximately
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About
The Company has a 100% operated working interest in the Stag oilfield and the Montara project, both offshore
In addition, the Company has executed a sale and purchase agreement to acquire an operated 69% interest in the
Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman's business in
Cautionary statements
Certain statements in this press release are forward-looking statements and information (collectively 'forward-looking statements'), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as 'will likely result', 'are expected to', 'will continue', 'is anticipated', 'is targeting', 'estimated', 'intend', 'plan', 'guidance', 'objective', 'projection', 'aim', 'goals', 'target', 'schedules', and 'outlook').
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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