Jadestone Energy holds a 25% working interest in SC 56, with the remainder held by operator TOTAL, who farmed in during 2012 in exchange for a carry through of the go-forward exploration programme. Operatorship was transferred to TOTAL in 2014, after a decision was made to drill an exploration well on Halcon prospect.

The principal hydrocarbon play is contained within the Miocene deepwater turbidite depositional systems in the distal setting of the Sandakan Basin. Two significant gas discoveries were made in the toe-thrust anticlinal structures. New basin floor plays in an area beyond the toe-thrust is the focus of the new exploration efforts.

An independent best estimate of gross Contingent Resources for the two main gas discoveries (Dabakan and Palendag) gave 101.9 MMboe (2C) and a high estimate (3C) of 446.1 MMboe, plus gross unrisked Prospective Resources associated with the discoveries of 79 MMboe (Pmean) and 116 MMboe (P10) (LR Senergy, April 2016 CPR). In addition, significant exploration potential exists in multiple undrilled prospects and leads both within the proven fold-belt play and in clastics and carbonate prospects further outboard on the basin floor. The total additional gross unrisked Prospective Resources in three high graded undrilled prospects are estimated at 1,849 MMboe (Pmean) to 3,445 MMboe (P10).