LONDON: PT Prima Petroleum Energi, a leading independent oil and gas company in Indonesia, has agreed to acquire approximately 28.3% of the issued share capital of Jadestone Energy plc from funds managed by Tyrus Capital S.A.M., the company announced Wednesday.

The acquisition, structured through a private share purchase agreement between Prima Energy and Tyrus Capital S.A.M., gives the Indonesian firm a significant minority stake in the Singapore-based upstream oil and gas producer focused on the Asia-Pacific region.

Prima Energy stated it has no intention of making an offer to acquire Jadestone Energy and is bound by Rule 2.8 of the UK Takeover Code, which prevents a party that has announced it will not make an offer from doing so for six months, except under certain circumstances.

Under Note 2 of Rule 2.8, Prima Energy reserved the right to set aside these restrictions with the agreement of Jadestone’s board, if a third party announces an offer for Jadestone, or if there is a material change of circumstances as determined by the Takeover Panel.

“Prima Energy is an experienced upstream oil and gas operator in Indonesia and will support the Company as it continues to deliver long term growth and value creation for all shareholders,” the company said.

Jadestone Energy noted Prima Energy’s announcement but said it has not yet received independent confirmation of the sale.

Jadestone shares rose 7.6% following the announcement, trading at 37.00 pence in London.

Standard Chartered acted as sole financial adviser and Herbert Smith Freehills Kramer LLP acted as legal adviser to Prima Energy in connection with the transaction.