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 70% operated working interest in Block 51 PSC. The process of amending Block 51 for PetroVietnam’s relinquishment of its 30% interest and withdrawal from the blocks with effect from May 1, 2017 is continuing. This is expected to result in Jadestone having 100% operated working interest.
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 70% operated working interest in Block 46/07 PSC. The process of amending Block 46/07 for PetroVietnam’s relinquishment of its 30% interest and withdrawal from the blocks with effect from May 1, 2017 is continuing. This is expected to result in Jadestone having 100% operated working interest.
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.
Jadestone operates Block 127 with a 100% working interest. The block covers an area of over 9,000 km2 and is located at the southern end of the Phu Khanh Basin, off the east coast of Vietnam.
* Teikoku delivered to Jadestone a purported notice of termination of the SPA. The Company maintains its rights under the SPA and is assessing its options, including remedies available through legal action.
