Prima buys large Jadestone Energy stake but says no takeover plans

Jadestone Energy PLC shares jumped on Wednesday, after PT Prima Petroleum Energi announced that it is acquiring an over 28% stake in the company.

PT Prima or Prima Energy, an Indonesian oil and gas company, said it has agreed to buy an approximately 28.3% shareholding in Jadestone from funds managed by Tyrus Capital SAM. It said the terms of the purchase are set out in a private share purchase agreement between both parties.

Jadestone shares were trading 7.6% higher at 37.00 pence early on Wednesday afternoon in London.

However, Prima stated that it has no intention of making an offer to acquire Singapore-based oil and gas firm Jadestone, and remains bound by the relevant terms of Rule 2.8 of the UK Takeover Code.

"Prima Energy is an experienced upstream oil and gas operator in Indonesia and will support [Jadestone] as it continues to deliver long term growth and value creation for all shareholders," it added.

Responding later on Wednesday morning, Jadestone noted Prima's announcement and the statement that the latter has no intention of making an acquisition offer.

It added that it has not yet received independent confirmation of the sale.

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