Jadestone Energy holds a net working interest in Block 51 of 70%, the remaining 30% being held by Petrovietnam Exploration Production Corporation (PVEP). The partnership discovered the Tho Chu Field with 51-TC-1X in 2012 and drilled a successful appraisal well, 51-TC-2X, in 2014. In addition, an earlier discovery (U Minh Field) was made by a previous operator, Fina, several years prior to the current PSC, proximal and in a similar setting to Jadestone Energy’s Nam Du discovery on Block 46/07.
The Tho Chu discovery resource estimate was independently audited by LR Senergy (April 2016 CPR), with a Gross Contingent Resource of 75.4 MMboe (2C) and 194.5 MMboe (3C). The Gross Contingent Resources for the U Minh Field were 11.3 MMboe (2C) and 16.3 MMboe (3C). Vietnamese government technical audit (Reserve Assessment Report or RAR) for the U Minh Field were presented to the Petrovietnam Reserves Committee on November 11, 2015. Formal Petrovietnam written approval of the RAR was received on 6th January 2016. Outline Development Plan (ODP) for the field is currently being reviewed by PVEP prior to submission to Petrovietnam for approval.
Five high-graded prospects have been identified from 3D seismic data interpretation and are located in the southeastern part of Block 51. Their traps are structural and stratigraphic within Miocene fluvial channel sandstone reservoirs. Prospect evaluations were independently audited by LR Senergy in April, 2016. The total gross unrisked Prospective Resource for the five prospects is reported as 70 MMboe (Pmean) to 110 MMboe (P10). In addition, areas of Tho Chu Field extension have been defined and total best estimate Gross Prospective Resources for the potential field extensions is 560 Bscf (net of CO2) plus 10 MMstb liquids, recoverable. Four smaller prospects and four leads were also identified from the seismic interpretation studies.