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PHILIPPINES

Block SC 56

 

Jadestone holds a 25% interest in SC 56 in partnership with operator Total

Four wells have previously been drilled on SC 56, resulting in the Dabakan and Palendag discoveries. The Dabakan discovery structure is a thrust fault-bound propagation anticlinal fold, located in the anticlinal hanging-wall of a NW-SE trending toe thrust which defines the eastern boundary. The Palendag discovery has a similar structural setting to Dabakan, associated with a separate thrust fault.

As at December 31, 2017, the Dabakan and Palendag discoveries in SC 56 had gross 2C resources of 469.6 Bcf of gas (117.5 Bcf net) and gross 3C resources of 21.58 MMbbl (5.4 MMbbl net) of oil and condensate.

In September 2012, Total farmed into SC 56 and assumed a 75% interest, and in August 2014, formally confirmed its intention to drill an exploration well on the Halcon prospect.

Total has subsequently informed Jadestone and the Philippines’s Department of Energy that it does not intend to drill an exploration well on the Halcon prospect. In the December 2017 quarter, the Company commenced an arbitration action against Total, with the Singapore International Arbitration Centre, claiming failure by Total to drill the well and resultant damages.

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