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VIETNAM

BLOCK 46/07 PSC

 

The process of amending Block 46/07 for PVEP’s relinquishment is continuing. This is expected to result in Jadestone having a 100% operated working interest.  The Nam Du discovery is located within the boundaries of the Block 46-07 PSC.

The Nam Du Channel 22 reservoir is a fluvial channel of Lower Miocene age. It is approximately 20 metres thick and has two thin coal intervals. The wireline log character shows a coarsening-upwards sequence. The upper 10-15 metres appears to be cleaner from the Gamma Ray response and this is reflected in the interpreted porosity curve as a higher porosity interval.

As at December 31, 2017, Block 51 and Block 46/07 PSC had gross 2C gas resources of 496.8 Bcf (347.8 Bcf net to Jadestone) and gross 2C liquids resources of 11 MMbbl (7.7 MMbbl net to Jadestone), of which the U Minh Fields (Block 51) and Nam Du Fields comprise gross 2C gas resources of 171.3 Bcf (119.9 Bcf net to Jadestone) and gross 2C liquids resources of 1.6 MMbbl (1.1 MMbbl net to Jadestone). Upon project sanction, the U Minh and Nam Du 2C resources are expected to be booked as 2P reserves.

 

In November 2017, the Company submitted revised Outline Development Plans for the U Minh (Block 51) and Nam Du fields approval, which was received from the Ministry of Industry and Trade in May 2018. The Company currently anticipates developing these two fields in a phased manner, with overall project sanction targeted for H2 2019.
The Company intends to use an existing 18 inch pipeline to produce the Nam Du and U Minh, with 215 MMscf/d of capacity, owned by PetroVietnam, and is close proximity to the fields to evacuate gas from these blocks to an existing power complex and fertiliser plant in Southern Vietnam. This pipeline currently evacuates gas from the heritage Talisman operated PM-03 CAA Block which lies immediately to the south of Block 46/07. This field is currently in decline, which is expected to result in sufficient ullage within the pipeline, which the Company intends to seek to utilise.

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