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VIETNAM

Blocks 05-1b & 05-1c PSC

 

Jadestone Energy has signed a Sale and Purchase Agreement with Teikoku, a wholly-owned subsidiary of Inpex Corporation, as seller, for the acquisition of a 30% non-operated working interest in the Blocks 05-1 PSC.

The reservoirs of the Dai Nguyet (“DN”) and Sao Vang (“SV”) discoveries are the Middle Miocene clastics and carbonates of the Thong Mang Cau Formation (“TMC”) that were deposited in a shallow marine environment. The DN has an additional carbonate reservoir that is part of the same Formation. The TMC Formation is part of the syn-rift to post-rift succession of the Nam Con Son basin. The sediments of the TMC formation consist of interbedded shallow marine sandstones and marine mudstones with occasional thin limestone streaks.

The combined gross 2C contingent resource is 660 bcf and 23.7 million barrels of liquids or approximately 30 MMboe net Jadestone’s interest (subsequent to the exercise of a back-in right).

The DN and SV natural gas and condensate discoveries have been fully appraised and are ready for tie-in.
The discoveries are in close proximity to the Nam Con Son gas pipeline which can deliver natural gas to the 3,900 MW Phu My power facility that is generating power to feed the growing needs of the industrial centre of Southeast Vietnam.

On February 22, 2018, Teikoku delivered to Jadestone a purported notice of termination of the SPA, despite Teikoku having received a waiver from PVN, of its statutory pre-emption rights, held under Vietnamese law. The Company has not accepted Inpex’s alleged termination, and views the obligations of both parties under the SPA as continuing. The Company maintains its rights under the SPA and is assessing its options, including remedies available through legal action.

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