Jadestone Energy operates the PSC with 60% equity, after farming out 40% equity to AziPac in 2014. Prospectivity of the Bone PSC is anticipated to be similar to the adjacent onshore Sengkang PSC, where gas is produced from Miocene carbonate reefs charged from Eocene coals. Energy World Corporation, operator of the adjacent Sengkang PSC, is constructing an LNG Liquefaction facility on the coastline immediately adjacent to the most prospective areas of the PSC.
Jadestone Energy has acquired several phases of 2D seismic data to pursue attractive drilling targets in shallow water, on trend with onshore fields.
More than forty prospects and leads have now been identified within the offshore extension of the Tacipi carbonate reef gas productive fairway. The new CPR indicates five key drill-ready prospects in shallow water with a combined gross Pmean Prospective Resource of 2,515 Bscf of dry gas (1,509 Bscf net to Jadestone’s working interest). The chance of success for these five prospects ranges from 20-25%, giving a net Pmean risked Prospective Resource of 339 Bscf. A number of additional prospects have also been interpreted by Jadestone Energy and noted by LR Senergy, but are less mature.
A farm-out process has commenced, with the aim of securing additional partners to fund the drilling of exploration wells.