Jadestone Energy outlines Asia/Pacific growth plans

Mitra Energy has renamed itself Jadestone Energy.

Offshore staff

SINGAPOREMitra Energy has renamed itself Jadestone Energy.

Executive Chairman Paul Blakeley said: “We are moving in a new direction and we want to be defined by our actions in the years ahead rather than by the past. A new name helps us achieve this as well as signalling a break from the company’s previous exploration-led strategy.”

Jadestone aims to establish itself as a leading oil and gas development and production company in theAsia/Pacific region, focused on acquisition and further development of producing fields and stranded discoveries.

Last month the company complete acquisition of its first producing asset offshoreWestern Australia, the Stag oil field. This is currently delivering around 3,400 b/d but with potential for higher output following new infill drilling and facility optimization.

In the next two months Jadestone also aims to finalize the purchase of two appraised gas fields in blocks 05-1b and 05-1c offshore southern Vietnam in the Nam Con Son basin and bring them onstream in 2019, backed by further development of its existing interests in Vietnam’s Malay basin, theNam Du and U Minh gas fields.

The company raised C$53 million ($39.95 million) to complete the purchase of Stag and fund its further development, and an additional $28 million, via a convertible loan, to contribute toward further acquisition opportunities.

12/07/2016

More in Business Briefs