OMV Sells Stake in Maari Field to Jadestone Energy
November 18 2019 - 2:34AM
Dow Jones News
By Giulia Petroni
OMV AG (OMV.VI) said Monday that it will sell its stake in the
Maari Field to independent oil-and-gas company Jadestone Energy
Inc. (JSE.V) for $50 million.
The Austrian energy company said it has agreed to sell its 69%
interest in the field, located in New Zealand's offshore Taranaki
Basin, in line with its goal to reduce oil production in favor of
natural gas.
"The divestment of the Maari Field further optimizes our
portfolio and will shift us in New Zealand to a gas-only producer,"
the company said.
The company said that the agreed sale price of $50 million is
subject to "closing adjustments."
The transaction is effective retroactively from Jan.1, 2019, and
is subject to government approval, according to OMV.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 18, 2019 03:19 ET (08:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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