Jadestone Energy holds 70% equity and operatorship in the PSC, With PVEP holding the remaining 30% equity. The partnership drilled a sub-commercial oil and gas discovery well, 45-VT-1X, in 2013.
Post-well 3D seismic inversion reprocessing calibrated to the well has high-graded one prospect in the block. The prospect involves structural and stratigraphic closures within Miocene fluvial channel sandstone reservoirs and was audited by LR Senergy (April 2016 CPR), who reported a gross unrisked Prospective Resource of 6.8 MMboe (Pmean) to 11.8 MMboe (P10). Another three smaller prospects and three leads have also been identified.
The timing of any prospective drilling within the PSC will be determined by the phasing of development of existing discoveries in neighbouring blocks and resulting available capacity in the gas pipeline and export system.