Jadestone Energy announced on August 9, 2016 that it had signed a SPA with Teikoku, a wholly-owned subsidiary of Inpex Corporation, as seller, for the acquisition of a 30% non-operated working interest in the Blocks 05-1PSC.
The Dai Nguyet and Sao Vang discoveries are located in the central to west area of Blocks 05-1b and 05-1c in the Nam Con Son basin, offshore Vietnam, approximately 350 kilometres south east of Vung Tau City. The blocks cover an area of 1,054 km2 with water depths of between 110 and 150 metres.
Jadestone Energy has a 100% operated working interest in Block 51 PSC.
The U Minh and Tho Chu discoveries are located within the boundaries of the Block 51 PSC in the Malay-Tho Chu Basin, approximately 200 kilometres offshore Vietnam in a water depth of 64 metres.
Jadestone Energy has a 100% operated working interest in Block 46/07 PSC.
The Nam Du discovery is located within the Block 46-07 PSC on the north-eastern margin of the Malay-Tho Chu Basin, approximately 200 kilometres offshore Vietnam in a water depth of 47.9 metres.
* Teikoku delivered to Jadestone a purported notice of termination of the SPA. The Company maintains its rights under the SPA and has commenced arbitration proceedings against Teikoku, a wholly-owned subsidiary of Inpex Corporation, in respect of Jadestone’s acquisition.