Jadestone Energy have signed a definitive Sale & Purchase Agreement with Teikoku Oil (Con Son) Co., Ltd, a wholly-owned subsidiary of Inpex Corporation, as seller, for the acquisition of a 30% working interest in the Blocks 05-1b and 05-1c Production Sharing Contract for a total cash consideration of US$14.3 million subject to normal closing adjustments. Partners in the blocks are Idemitsu Oil and Gas Co. Ltd. and JX Nippon Oil & Gas Exploration Corporation each with a 35% working interest.
Blocks 05-1b and 05-1c are located 350 km offshore Vietnam in the Nam Con Son basin in water depths of around 120 meters. The Block 05-1b & 1c PSC holds two fully appraised gas and condensate discoveries, Dai Nguyet and Sao Vang, in close proximity to the Nam Con Son gas transportation pipeline and existing production facilities. These gas discoveries are strategically located to supply gas to operating power generating complexes in the industrial center of Southeast Vietnam.
A resource assessment for the Dai Nguyet and Sao Vang fields, was completed by an independent qualified reserve evaluator, ERC Equipoise Pte. Ltd.
Summary of Resource Assessment
- Best Estimate Discovered Petroleum Initially in Place (“DPIIP”) of 75.7 MMboe, including 343.7 Bcf natural gas (57.3 MMboe) and 18.4 MMbbl natural gas liquids.
- Contingent Recources (Net Working Interest) are tabulated below
|Contingent Resources||Best Estimate
|Natural gas (Bcf)||198.0||100.1||268.9|
|Natural gas liquids (MMbbl)||7.1||3.6||9.8|
|Barrels of oil equivalent (MMboe)||40.1||20.3||54.6|