Jadestone Energy and OMV New Zealand have agreed to amend the date for the former’s acquisition of a 69 per cent interest in the Maari project offshore New Zealand.
Jadestone stated that due to the need for final New Zealand Government regulatory approval and the New Zealand 2020 general election, the company and OMV had agreed to revise the transaction completion date from November 15 to January 31 next year.
Both companies stated they remained committed to the transaction, with Jadestone continuing to anticipate closing the acquisition by the end of the year.
The companies have also made progress toward satisfying the acquisition’s closing conditions, including obtaining the majority of third party consents.
Jadestone intends to establish New Zealand to extend its core business area in Australia, and sees the Maari project as a natural fit with its strategy to acquire and reinvest into mid-life producing assets.
The Maari oil field lies in Block PMP 38160, 80km off the South Taranaki coast in New Zealand.
The project is a joint venture among OMV (69 per cent), Horizon Oil (26 per cent) and Cue Energy (5 per cent), and was first discovered in 1983.
Covering an area of 8402 acres, the oil field is the largest in New Zealand, and contributes heavily to the economy and development of the Taranaki region.
The Maari field development plan was approved in 2005 and its development started in 2006.
Production commenced in February 2009 from three producing reservoirs to a single wellhead platform adjacent to the Maari field, before connecting to the Raroa ll floating production storage and offloading (FPSO) vessel.