REG - Jadestone Energy PLC - Vietnam Field Development Plan Approved

Jadestone EnergyAnnouncement

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RNS Number : 1898X  Jadestone Energy PLC  18 March 2026

Vietnam Field Development Plan Approved

 

18 March 2026 - 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, is pleased to announce that the Field Development Plan ("FDP") for the
Nam Du / U Minh gas discoveries offshore Vietnam has been formally approved by
the Vietnam Government.

 

T. Mitch Little, Chief Executive Officer of Jadestone, commented:

 

"The FDP approval is a milestone achievement in the commercialization of the
Nam Du / U Minh fields. It allows us to book initial 2P reserves for the
project of 32 MMboe 1  (#_ftn1) and solidify discussions with potential farm
in partners as we are now positioned to formally launch that process. I would
like to thank all of our stakeholders in Vietnam for their leadership on this
project approval, and Jadestone's talented Vietnam team for their resiliency
and dedication to bring us to this point. We are very pleased to welcome Phil
Cunningham as Country Manager. His industry experience, particularly in
Vietnam, will be of great benefit to Jadestone as we now push forward into the
development phase.

 

Nam Du / U Minh will establish a new production hub offshore Southwest
Vietnam. The tendering process for the main project infrastructure is well
advanced, with the development expected to result in significant contract
awards to local Vietnam companies, and generate substantial government
revenues, over its life. Importantly, the project supports Vietnam's strategic
plan, prioritizing sovereign resources to enhance Vietnam's energy security
and economic growth, while also creating significant local employment
opportunities.  Beyond the approved development there is significant upside
potential within our existing licenses, which, if proven, will position
Jadestone as a key contributor to Vietnam's gas supply for decades to come."

 

Jadestone is pleased to announce that, in preparation for the development
phase in Vietnam, it has recruited Phil Cunningham as Vietnam Country Manager.
Phil has over 30 years' experience in the upstream industry, including
positions of increasing seniority with some of the world's largest upstream
companies. He joins Jadestone after working for TotalEnergies, where he most
recently served as Managing Director and Country Chair for Italy, and
previously served in a similar role in Norway. Earlier in his career, he spent
nine years working in a variety of roles across Southeast Asia, including in
Vietnam as a development engineer and then upstream operations manager for BP,
as well as Vietnam asset manager for Premier Oil. Phil is a chartered chemical
engineer and a Fellow of the IChemE.

 

-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

 Berenberg (Joint Broker)                              +44 (0) 20 3757 4980 (UK)
 Ciaran Walsh
 Dan Gee-Summons
 Ryan Mahnke

 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 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 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 regional upstream development and operations and
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) .

 

The information contained within this announcement is considered to be inside
information prior to its release, as defined in Article 7 of the Market Abuse
Regulation No. 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018.

 1  (#_ftnref1) 32 MMboe is on a 100% basis prior to a potential farm out

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