Oil and gas companies Jadestone Energy and OMV New Zealand have given themselves more time to complete the transaction related to the Maari offshore field in New Zealand.
Singapore-based Jadestone in November 2019 agreed to buy OMV's 69% operated interest in the Maari Project for $50 million. The Maari project includes the producing Maari and Manaia oil fields, located within PMP 38160, in the offshore Taranaki Basin, in a water depth of around 100 meters.
Oil is produced at the project via a self-elevated jack-up wellhead platform and the Raroa FPSO. The Maari project has been producing since 2009, reaching peak production of 16,400 bbls/d in 2010.
In June 2021, Jadestone said it was working with OMV to satisfy the remaining outstanding conditions to complete the acquisition, in particular the approval of New Zealand Petroleum & Minerals, and that it expected the completion of the transaction in the second half of 2021.
This week, Jadestone said the two companies have agreed to extend the long-stop date under the Maari sale and purchase agreement to August 31, 2021.
"Both OMV NZ and the Company continue to work to satisfy the remaining outstanding conditions and to complete the transaction," Jadestone said.