Following the transformation of its business strategy, the company is targeting producing assets where there are opportunities to achieve significant operating efficiencies, increase production and reduce costs by applying smart field development and reservoir management strategies.
An ambitious ongoing programme of business development seeks to capture high quality production and development assets, which have resulted in the acquisition of the oil producing Stag Field in Block WA-15-L, offshore Australia. The acquisition of the Stag field was completed on 11 November 2016.
The successful acquisition of the Stag field was followed by the acquisition of a 30% working interest in Blocks 05-1b & 1c PSC, offshore Vietnam, the acquisition of which is pending approval of the Vietnamese Government.
Jadestone Energy’s current portfolio comprises more than 44,000 km² * of exploration and pre-development acreage across the Philippines, Vietnam and Indonesia. Within the exploration portfolio, the company is exposed to net unrisked Prospective Resources potential of more than 7.3 billion barrels of oil equivalent (P10). An ambitious ongoing programme of Business Development seeks to capture further high quality assets and replenish the portfolio of exploration drilling options.
* Includes SC 57 which is pending Philippines Government approval of the Jadestone Energy farm-in agreement.
Jadestone Energy owns a 100% the Stag oilfield offshore Western Australia.
- Stag is a producing oilfield in the Carnarvon basin (block WA-15-L) about 60km off the coast of Western Australia in a water depth of about 47 metres. The field produced an average of 3,332 barrels per day in calendar 2016 through a single offshore production platform. Production is expected to increase on the completion of two well workovers and from further infill drilling in the field.
Jadestone Energy currently has interests in five and is the operator of four Production Sharing Contracts (PSCs) in Vietnam:
- Blocks 05-1b & 1c PSC (Jadestone Energy 30%*) covers an area of 925km² in the Nam Con Son basin. The PSC holds two fully appraised gas and condensate discoveries, Dai Nguyet and Sao Vang, in close proximity to the Nam Con Son gas transportation pipeline and existing production facilities.
- Block 51 PSC (Jadestone Energy 70% operator) covers an area of approximately 2,900km² on the northeast margin of the Malay Basin in water depths ranging from 20m to 60m. It is situated very close to, and on trend with, the prolific MTJDA gas province. Block 51 PSC contains the Tho Chu and U Minh gas fields.
- Block 46/07 PSC (Jadestone Energy 70% operator) covers an area of 2,622 km² and is located adjacent to Block 51 in similar water depths. Block 46/07 PSC contains the Nam Du gas field. The block is also very close to oil and gas discoveries and production in neighbouring blocks 46/13 and 46-CN.
- Block 45 PSC (Jadestone Energy 70% operator) covers 4,677 km² and is situated adjacent to both Block 51 and Block 46/07. Similar to both these blocks, Block 45 also lies in the offshore Malay-Tho Chu Basin in water depths of around 50m.
- Block 127 PSC (Jadestone Energy 100%) covers an area of over 9,000 km² and is located at the southern end of the Phu Khanh Basin, off the southeast coast of Vietnam. Water depths in the block extend from less than 20m in the west to over 2,000m in the east.
* Completion of the proposed acquisition by Jadestone Energy is conditional on obtaining all required approvals, including the approvals of the Government of Vietnam, the Vietnam Oil and Gas Group (“PVN”) and partners.
The Philippines has one of the most attractive petroleum fiscal regimes globally. Jadestone Energy currently has interests in two Service Contracts (SCs):
- Block SC 56 (Jadestone Energy 25%) is located in the southern Sulu Sea off the northeast coast of Borneo in water depths ranging from 200m to over 3,000m. It lies within the prolific circum-Borneo deepwater trend, covering an area of 6,220 km². It represents one of the most promising untapped deepwater potential remaining in South East Asia. To date, Jadestone Energy has discovered two gas fields on SC 56, namely Dabakan and Palendag. SC 56 is operated by TOTAL.
- Block SC 57** (Jadestone Energy 21%) covers over 7,000 km² of shallow to deep water acreage offshore Palawan Island in water depths ranging from 50m to 3000m. The block is on trend with the giant Camago-Malampaya gas field.
** Pending Philippines Government approval of the Jadestone Energy farm-in agreement.
Jadestone Energy has interests in two Production Sharing Contracts (PSCs) in Indonesia:
- Jadestone Energy recently purchased a 50% participating interest in the Ogan Komering PSC, onshore South Sumatra. This is a PSC that Talisman has been involved with for over 23 years, with the remaining 50% held by an affiliate of PT Pertamina Persero, Indonesia’s national oil company. Operations are conducted through a joint operated body with current production of approximately 3,000 barrels of oil equivalent per day, 70% light oil and the remainder natural gas.
- The Bone PSC is a 7,516 km² block located in Bone Bay, offshore Sulawesi and extends from the shoreline to water depths in excess of 2000m. It is an undrilled block that contains an extension of the adjacent onshore gas producing Sengkang province, where a LNG liquefaction facility is currently under construction.