[New Zealand] Maari

escveritas
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[New Zealand] Maari

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In November 2019, Jadestone Energy executed a sale and purchase agreement to acquire an operated 69% interest in the Maari project, offshore New Zealand. Jadestone continues to work towards completion of the transaction, including securing the remaining ministerial consents from he New Zealand government.

In November 2019, Jadestone announced that it had executed a sales and purchase agreement with OMV New Zealand Limited to acquire a 69% operated interest in the Maari Project, located 120 km offshore New Zealand and including the producing Maari and Manaia oil fields. The fields are located within PMP 38160 in the offshore Taranaki basin, in a water depth of approximately 100 metres.

The Maari and Manaia oil fields are produced via a self-elevated jack-up wellhead platform and an FPSO, owned by the joint venture partners (the other two being Horizon Oil Limited (26%) and Cue Taranaki Pty Ltd (5%)).

Oil production from the assets averaged 3,250 bbls/d in Q3 2021, on a net 69% interest to Jadestone.

As of 28 February 2021, the fields were independently estimated to contain 2P reserves of 10.6 mm bbls of oil1 on a net 69% basis.

Jadestone would assume the operatorship of the Maari project upon completion of the transaction. The economic benefits from the effective date of 1 January 2019 until the closing date will be adjusted in the final consideration price. This is currently anticipated to be a net receipt to Jadestone.

Completion of the acquisition 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. Jadestone and OMV New Zealand continue to work towards completion of the transaction.
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