Jadestone Energy Shares Surge After Indonesian Firm Acquires 28% Stake

Shares of Jadestone Energy (LSE:JSE) surged after Indonesian oil and gas company PT Prima Petroleum Energi announced an agreement to acquire a substantial stake in the firm, signaling a major shift in its ownership structure.

The Transaction

PT Prima Petroleum Energi, an independent operator based in Indonesia, has entered into a private share purchase agreement to acquire approximately 28.3% of Jadestone's issued share capital. The shares are being purchased from funds managed by Tyrus Capital S.A.M., according to the announcement. Financial terms of the deal were not disclosed.

Following the announcement, Prima Energy stated it has no current intention of making a formal offer to acquire all of Jadestone. The company confirmed it is bound by Rule 2.8 of the UK Takeover Code, which restricts its ability to launch a full bid in the near term.

Market Reaction

The market responded positively to the news, sending Jadestone's stock up 10.5% to 38 pence, a new 52-week high. The move represents a strong vote of confidence from a strategically aligned regional player, as Jadestone's asset portfolio is focused on the Asia-Pacific region, including Australia, Malaysia, Indonesia, and Vietnam.

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Jadestone's rally marked a significant company-specific divergence from the broader market trend. During the session:

• The FTSE AIM 100, Jadestone's index, was down 0.74%.
• The wider FTSE 100 index was trading approximately 0.3% lower.

Context for Investors

The entry of Prima Energy as a major shareholder is seen by investors as an endorsement of Jadestone's long-term value and strategy. The stock had already more than doubled from its 52-week low of 17p, and this transformative ownership change has provided fresh momentum, underscoring renewed market conviction in the company.