Jadestone Energy eyes oil acquisition opportunities

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Asia Pacific-focused E&P firm Jadestone Energy Inc (LON:JSE) said it is mulling acquisition opportunities as it delivered what ought to be considered a solid operational and financial performance in the current oil environment.


“We are also investigating a number of new M&A opportunities which are either on the market or anticipated to be brought to the market within the next 12 months,” said chief executive Paul Blakeley in a statement.


“These include a spectrum covering both high value but smaller tuck-in acquisitions and larger, more material opportunities, and which could be transformational for the company.”


His commentary accompanied a trading and operations update that showed Jadestone is on target to hit its production guidance of 11,000-12,500 barrels a day. In November, output averaged a daily 11,365 barrels.


Net cash, meanwhile, jumped to US$83mln from US$39mln in December last year.


Jadestone owns what it describes as a low-risk, full-cycle portfolio of development, production and exploration assets in Australia and Vietnam.


It has an operated working interest in the Stag oilfield and the Montara project, both offshore Australia.

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