Prima Petroleum Energi (Prima Energy) has signed an agreement to acquire approximately 28.3% of Jadestone Energy’s issued share capital from funds managed by Tyrus Capital.
The deal is outlined in a private share purchase agreement between Indonesia-based Prima Energy and Tyrus Capital.
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Jadestone, which is listed on the London Stock Exchange’s AIM market, confirmed it has noted Prima Energy’s announcement. However, the company stated it has not yet received independent confirmation of the transaction.
It also highlighted Prima Energy’s statement that it has no intention to acquire the whole of Jadestone Energy and is subject to Rule 2.8 of the UK Takeover Code, preventing such an offer under current circumstances.
Under the terms referenced in the announcement, Prima Energy may set aside these restrictions only in certain situations.
These include agreement from Jadestone Energy’s board, and the announcement of a firm or possible offer by a third party. They also include plans for a Rule 9 waiver, a reverse takeover as defined by the UK Takeover Code, or a material change in circumstances as determined by the Takeover Panel.
Standard Chartered served as sole financial adviser to Prima Energy on the transaction. Herbert Smith Freehills Kramer provided legal advice to Prima Energy.
Jadestone focuses on upstream oil and gas production and development across the Asia-Pacific region, including assets in Australia, Malaysia, Indonesia and Vietnam.
The company’s growth strategy includes developing new projects such as Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia, as well as seeking acquisition opportunities in line with its financial framework.
Jadestone has also stated its commitment to increase gas output and achieve net-zero scope 1 and 2 greenhouse gas emissions from operated assets by 2040.
In April 2026, Jadestone signed a gas sales and purchase agreement to supply gas from the Nam Du and U Minh fields offshore south-west Vietnam to PV Gas, a subsidiary of state-run Petrovietnam.
The contract stipulates that Jadestone will deliver 80 million standard cubic feet per day, equivalent to around 13,000 barrels of oil equivalent per day.
