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Jadestone Energy bids for Woodside fields offshore Western Australia

13th Feb 2024 08:16

(Alliance News) - Jadestone Energy PLC on Tuesday confirmed it is bidding to buy interests in gas and oil fields from Australia's Woodside Energy Group Ltd.

Singapore-based Jadestone focuses on the Asia-Pacific region, with assets in Australia, Malaysia, Indonesia, Thailand and Vietnam.

It said that, if successful, the Woodside deal would be big enough to constitute a reverse takeover under AIM listing rules. As a result, its shares were suspended from trading prior to the London market open on Tuesday.

Jadestone shares were last quoted at 23.50 pence, giving it a market capitalisation of GBP127.1 million. The stock is down 74% over the past 12 months.

Jadestone said it is participating in a bid process being managed by investment bank Morgan Stanley for Woodside's participating interests in the Macedon producing gas field and Greater Pyrenees oil fields, both offshore Western Australia. Woodside holds a 71% interest in the Macedon field and 62% of Pyrenees.

Woodside's net working interest production from the Macedon field and Pyrenees area in the second half of 2023 averaged about 28,000 barrels of oil equivalent per day, according to Jadestone.

It said there is no guarantee any deal will be done.

Woodside last week said it had terminated talks about a potential merger with Australian peer Santos Ltd. Woodside is based in Perth and Santos in Adelaide. The pair are two of Australia's largest oil and gas producers.

By Tom Waite, Alliance News editor

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