Asia-Pacific corporate – Prima Energy takes a 28.3% strategic stake in Jadestone Energy

(Originally posted on September 3, 2026)

Indonesian upstream company Prima Energy has acquired a 28.3% shareholding in Jadestone Energy from funds managed by Tyrus Capital, replacing Jadestone's long-standing financial backer with a significant industry shareholder.

Prima acquired 154.1 million shares, with Tyrus reducing its holding to zero. As a secondary share sale, no proceeds go to Jadestone.

The purchase price has not been disclosed. For context, at Jadestone's 34.4p closing share price on 1 September, the shares acquired were worth approximately £53 million (US $72 million). Jadestone says it understands that Tyrus sold its interest at a “very substantial premium” to the average share price over the preceding month, suggesting the actual consideration was higher.

Prima has stated that it does not intend to make an offer for Jadestone and is bound by Rule 2.8 of the UK Takeover Code. Its 28.3% holding also sits just below the 30% level at which an acquisition would ordinarily trigger a mandatory offer under Rule 9.