Prima Energy Acquires 28.3% Stake in Jadestone Energy
Prima Petroleum Energi (PRIMA) has signed an agreement to acquire a 28.3% stake in UK-listed upstream oil and gas company Jadestone Energy from funds managed by Tyrus Capital. The transaction, outlined under a private share purchase agreement, does not currently involve plans for full acquisition of the company due to restrictions under Rule 2.8 of the UK Takeover Code. Jadestone Energy operates in the Asia-Pacific region with assets across Australia, Malaysia, Indonesia, and Vietnam. It is pursuing development projects such as Nam Du/U Minh in Vietnam and Puteri Cluster offshore Malaysia while aiming for net-zero emissions by 2040 from its operated assets. The company also recently signed a gas sales agreement to supply PV Gas (a subsidiary of Petrovietnam) with up to 80 million standard cubic feet per day. Standard Chartered acted as the sole financial advisor, and Herbert Smith Freehills Kramer provided legal counsel for Prima Energy in this deal. Jadestone has noted the announcement but stated it has not yet received independent confirmation.
