Jadestone Energy operates the PSC with 100% equity. The PSC represents Jadestone Energy’s first foray into frontier deepwater exploration in Vietnam. The block is located at the southern end of the Phu Khanh Basin, off the east coast of Vietnam. This deepwater frontier basin contains several minor discoveries of oil and gas that confirm the potential for hydrocarbon generation. Nearby acreage within the Phu Khanh Basin has been licenced by a number of E&P companies including ENI, Murphy Oil, Repsol and ONGC. Jadestone Energy’s activities are focused on the unexplored deepwater, eastern half of the block. This is in view of the significant hydrocarbon potential in the area, associated with a thick, Tertiary age sedimentary section.
The seismic commitment was fulfilled when a total of 4,015 full fold line km of 2D seismic data were acquired during 2012. Pre-STM processing of the 2D seismic data was completed in February 2013 and resulted in the identification of three prospects and six leads. The three prospects have a combined gross unrisked Prospective Resources of 646 MMboe (Pmean) to 1395 MMboe (P10).
Jadestone Energy acquired 533 km² of full-fold 3D seismic data in May-June 2015 over key prospects recognised on earlier 2D seismic data, with the goal of identifying potential drilling locations. The survey fulfils the 500 km² Exploration Phase One extension 3D seismic acquisition commitment under the PSC. However, processing of these data was not complete as of the effective date of the new CPR and so a revised evaluation of these prospects has not yet been undertaken by LR Senergy. Jadestone Energy is now commencing a farmout process in order to find new partners to carry future drilling costs.