Jadestone Energy, an independent upstream company focused on the Asia-Pacific region, notes recent media speculation and confirms that it is a participant in the bid process being managed by Morgan Stanley on behalf of Woodside Energy in respect of the proposed sale by Woodside of its participating interests in the Macedon and Greater Pyrenees Projects offshore Western Australia.
The Proposed Acquisition would include Woodside's interests in the Macedon producing gas field and a cluster of producing oil fields collectively known at the Pyrenees Area. For reference, Woodside's net working interest production from the Macedon field and Pyrenees Area in the second half of 2023 averaged c.28,000 boe/d.
Were Jadestone to be selected as the preferred bidder and reach agreement with Woodside on acquisition terms, the Proposed Acquisition would be classified as a reverse takeover transaction in accordance with AIM Rule 14, and accordingly, the Company's ordinary shares will be suspended from trading on AIM with immediate effect and will remain so pending publication of an AIM admission document setting out, inter alia, details of the Proposed Acquisition, or confirmation is provided that the discussions for the Proposed Acquisition have been terminated.
There can be no assurance that agreement between the parties will be reached on mutually acceptable terms and that the Proposed Acquisition will be entered into, or if entered into, will complete. The Company will update shareholders on the Proposed Acquisition as appropriate.
Source: Jadestone Energy
