Jadestone Energy’s shares surged 10.5% to 38 pence on Tuesday, marking a fresh 52-week high after PT Prima Petroleum Energi agreed to purchase approximately 28.3% of the company’s issued share capital.
The transaction, executed through a private share purchase agreement, involved shares previously held by funds managed by Tyrus Capital S.A.M. Financial details of the deal were not disclosed by either party.
Prima Energy stated it has no current intention to launch a formal takeover bid for Jadestone and confirmed compliance with Rule 2.8 of the UK Takeover Code, which restricts unsolicited offers without prior notification.
Jadestone’s asset portfolio spans Australia, Malaysia, Indonesia, and Vietnam, positioning the company within Southeast Asia’s upstream oil and gas sector. The acquisition underscores growing interest in the region’s energy assets amid fluctuating global commodity markets.
UK equities traded lower on Tuesday, with the FTSE 100 down 0.3% as gilt yields climbed and crude oil prices rose amid heightened US-Iran tensions. The FTSE AIM 100, where Jadestone is listed, fell 0.74%, underperforming broader benchmarks.
