Jadestone Energy withdraws from Bone PSC, offshore Indonesia

Jadestone Energy withdraws from Bone PSC, offshore Indonesia

Jadestone Energy Inc. has announced, in line with the Company's strategy,
its withdrawal from the Bone production sharing contract offshore Indonesia,
a further key step in releasing the company from non-strategic exploration
assets.

Bone PSC is operated by Mitra Energy (Indonesia Bone) Limited, a wholly
owned subsidiary of the Company, with a 60% working interest. Azimuth
Indonesia Limited holds the remaining 40% working interest. Agreement has
been reached to transfer the 60% working interest and operatorship to
Azimuth, subject to government approval.

Jadestone Energy Executive Chairman, Paul Blakeley, said: "Our decision to
withdraw from this PSC is in line with the Company's new strategic focus on
increasing value through production and development rather than long dated,
frontier exploration. This withdrawal is at no cost to the company as we
continue to re-shape the portfolio. The new management team's efforts to
achieve a balanced portfolio of production and development assets with
additional growth from low risk exploration has already shown substantial
results in our first nine months."

Following the March closing of the acquisition of a 50% interest in the
producing Ogan Komering PSC in Indonesia, Jadestone Energy is now aiming to
complete the purchase of an interest in two appraised gas fields offshore
Vietnam in the Nam Con Son basin and bring them on-stream in late 2019. The
company also plans to further develop its existing assets in Vietnam's Malay
basin, Nam Du and U Minh gas fields.

Jadestone Energy's recent portfolio activity includes:

The acquisition of the 100% operated interest in Stag oil field in Australia
from Quadrant Energy and Santos, bringing the first production and cash flow
in the company's history

The acquisition of a 50% participating interest in the Ogan Komering PSC in
Indonesia from Repsol, the first production in Southeast Asia in the
company's history

The acquisition of a 30% participating interest in Block 05-1b&c in Vietnam
from Inpex, the company's most mature near term development asset with FID
expected in third-quarter 2017, and subject to the exercise of statutory
pre-emption rights by Vietnam Oil and Gas Group (PVN)

An acceleration of efforts on applications for license extensions, sale or
farm-downs where appropriate, and

Relinquishments that release the business from high-risk, non-carried
exploration activity.

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Link to Original Article:
http://www.worldoil.com/news/2017/5/23/jadestone-energy-withdraws-from-bone-
psc-offshore-indonesia

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com