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VIETNAM

BLOCK 51 PSC

 

The process of amending Block 51  for PVEP’s relinquishment is continuing. This is expected to result in Jadestone having a 100% operated working interest.  The U Minh and Tho Chu discoveries are located within the boundaries of the Block 51 PSC.

The U Minh H100 reservoir is a moderately sinuous channel-point bar system of Miocene age, trending downdip from northeast to southwest where it is folded over the U Minh four-way dip closure structure. The channel-point bar complex is at least 12 kilometres long and 1.3 kilometres wide.

The Tho Chu reservoirs were deposited in the Lower to Middle Miocene ages. The depositional environment ranges from fluvial to marginal marine. Reservoir sands are typically thin (1-5 metres) and are separated by flooding surfaces that are thought to act as seals. An abundance of coals deposited throughout the Lower to Middle Miocene interval allow for a robust stratigraphic correlation.

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 and Nam Du Fields (Block 46/07) 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.

 

 

At present, no development plan has been submitted for the Tho Chu discovery and contingent resources are consequently classified as Development Unclarified.

The Company intends to use an existing 18 inch pipeline to produce the Nam Du and U Minh fields, 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.

A field development plan for the Nam Du and U Minh fields was submitted in 2019 however in the absence of Vietnamese Government approvals which had been expected in Q1 2020 and in light of market conditions, the Company has decided to delay this project.  The expected first gas date for the project will be no earlier than late 2022.

The Tho Chu field will be subject to a later development plan.

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