REG - Jadestone Energy PLC - Submission of Vietnam Field Development Plan

Jadestone EnergyAnnouncement

18/03/2025 07:15

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RNS Number : 0924B  Jadestone Energy PLC  18 March 2025

Submission of Field Development Plan for Vietnam assets

 

A major milestone in the commercialization of Jadestone's significant gas
resource offshore Vietnam

 

18 March 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and
together with its subsidiaries, "Jadestone" or the "Group"), an independent
upstream production and development company focused on the Asia-Pacific
region, announces that it has submitted a field development plan ("FDP") for
the Nam Du/U Minh ("NDUM") discoveries offshore southwest Vietnam to
Petrovietnam, commencing the regulatory approval process.

 

The FDP sets out a phased development concept for NDUM, which is based on
unmanned wellhead platforms at each of the Nam Du and U Minh fields tied back
to an FPSO, with processed gas exported onshore through a 34 km pipeline tied
into an existing trunkline to the Ca Mau industrial complex in southwest
Vietnam. The first phase of the FDP envisages the Nam Du field initially being
brought onstream, accelerating first gas to Vietnam and revenues to Jadestone
to help fund the development of U Minh production in the second phase. The FDP
contemplates drilling two wells from each platform to support a plateau rate
of 80MMscf/d. Following receipt of Petrovietnam's endorsement, the FDP will be
considered for approval by the Ministry of Industry and Trade.

 

The next steps in the development process include finalising the gas sales
agreement, which is well advanced with the gas buyer, to formalise the heads
of terms agreed in January 2024. A financing plan, which could involve
bringing in development partners, would be progressed in parallel with major
contract tenders (including the EPCI contract and FPSO), with both finalised
prior to project FID and any significant expenditure.

 

The Nam Du and U Minh fields are located offshore southwest Vietnam in shallow
waters of 50-60 meters. The fields are located on the Block 46/07 and Block 51
PSCs respectively, which Jadestone operates with 100% working interests. Nam
Du and U Minh have been independently assessed to contain gross aggregate 2C
resources of 171.3 Bscf of gas and 1.6 MMbbls of liquids.

 

Adel Chaouch, Executive Chairman of Jadestone, commented:

 

"Our Vietnam gas assets are fundamental to Jadestone's investment case and are
central to our strategic aim of being the leading Asia-Pacific upstream
independent. Development of the discovered resource base will drive
significant organic growth and value creation for our shareholders, with
further material upside possible from additional prospects and leads across
our licence position.

 

Submission of an FDP is therefore a major milestone in the commercialization
of the Nam Du/U Minh discoveries and demonstrates real momentum in our
engagement with the Vietnam government. The development of Nam Du/U Minh would
be a win-win for both Jadestone and Vietnam, delivering affordable gas
supplies with a lower GHG intensity to the southwest of the country, creating
and sustaining jobs and economic benefits."

 

-ends-

 

For further information, please contact:

 

 

 Jadestone Energy plc
 Phil Corbett, Head of Investor Relations              +44 (0) 7713 687467 (UK)
                                                       ir@jadestone-energy.com (mailto:ir@jadestone-energy.com)

 Stifel Nicolaus Europe Limited (Nomad, Joint Broker)  +44 (0) 20 7710 7600 (UK)
 Callum Stewart
 Jason Grossman
 Ashton Clanfield

 Peel Hunt LLP (Joint Broker)                          +44 (0) 20 7418 8900 (UK)
 Richard Crichton
 David McKeown
 Georgia Langoulant

 Camarco (Public Relations Advisor)                    +44 (0) 203 757 4980 (UK)
 Billy Clegg                                           jse@camarco.co.uk (mailto:jse@camarco.co.uk)
 Georgia Edmonds
 Poppy Hawkins

 

About Jadestone Energy

 

Jadestone Energy plc is an independent upstream company focused on the
Asia-Pacific region. It has a balanced and increasingly diversified portfolio
of production and development assets in Australia, Malaysia, Indonesia,
Thailand and Vietnam, all stable jurisdictions with a positive upstream
investment climate.

 

The Company is pursuing a strategy to grow and diversify the Company's
production base both organically, through developments such as at Akatara in
Indonesia, Nam Du/U Minh in Vietnam and the Puteri Cluster offshore Malaysia,
as well as through acquisitions that fit within Jadestone's financial
framework and play to the Company's strengths in managing maturing oil assets.
Jadestone delivers value in its acquisition strategy by enhancing returns
through operating efficiencies, cost reductions and increased production
through further investment.

 

Jadestone is a responsible operator and well positioned for the energy
transition through its increasing gas production, by maximising recovery from
existing brownfield developments and through its Net Zero pledge on Scope 1
& 2 GHG emissions from operated assets by 2040. This strategy is aligned
with the IEA Net Zero by 2050 scenario, which stresses the necessity of
continued investment in existing upstream assets to avoid an energy crisis and
meet demand for oil and gas through the energy transition.

 

Jadestone Energy plc (LEI: 21380076GWJ8XDYKVQ37) is listed on the AIM market
of the London Stock Exchange (AIM: JSE).  The Company is headquartered in
Singapore.  For further information on the Company please visit
www.jadestone-energy.com (http://www.jadestone-energy.com) .

 

This release does not contain inside information.

 

The technical information contained in this announcement has been prepared in
accordance with the June 2018 guidelines endorsed by the Society of
Petroleum Engineers, World Petroleum Congress, American Association of
Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum
Resource Management System.

 

A. Shahbaz Sikandar of Jadestone Energy plc, Group Subsurface Manager with a
Masters degree in Petroleum Engineering, and who is a member of the Society of
Petroleum Engineers and has worked in the energy industry for more than 25
years, has read and approved the technical disclosure in this release.

 

Glossary

 

 2C Contingent Resources  Denotes the best estimate of Contingent Resources, which are those quantities
                          of petroleum estimated, as of a given date, to be potentially recoverable from
                          known accumulations by application of development projects, but which are not
                          currently considered to be commercially recoverable owing to one or more
                          contingencies.
 Bscf                     Billion standard cubic feet
 EPCI                     Engineering, procurement, construction and installation
 FID                      Final investment decision
 FPSO                     Floating production, storage and offloading unit
 GHG                      greenhouse gas
 MMbbls                   Million barrels of oil
 MMscf/d                  Million standard cubic feet per day
 PSC                      Production Sharing Contract

 

 

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