REG - Jadestone Energy PLC - Vietnam Gas Sales Agreement Signed

Jadestone EnergyAnnouncement

Mon 12:00

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RNS Number : 1535B  Jadestone Energy PLC  20 April 2026

Vietnam Gas Sales Agreement Signed

 

20 April 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 the signing of the Gas Sales and Purchase
Agreement ("GSPA") for the supply of gas from the Nam Du / U Minh discoveries
offshore Vietnam.

 

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

 

"The execution of this agreement is a pivotal moment for Jadestone.  After
years of dedicated effort, we are now in a position to deliver the Nam Du/U
Minh development, which will materially strengthen our portfolio while
supporting our growth ambitions. With all key commercial and technical
approvals now in place, and recent key hires into the Jadestone Vietnam
project delivery team, we are now focused on rapidly progressing towards the
project execution phase. Our near-term priorities are to conclude the bid
evaluation for the FPSO and field infrastructure, and award their respective
contracts during the second half of this year.

 

We thank all of our stakeholders in Vietnam for supporting the recent progress
on Nam Du/U Minh, and we look forward to working with them to deliver the
development safely and efficiently. Over the project life, we expect that the
development and production phases will generate significant local employment
opportunities, material contract awards to local Vietnam companies, and
hundreds of millions of dollars in government revenues. The Nam Du/U Minh
project also supports Vietnam's strategic plan and net zero ambitions,
prioritizing sovereign resources to enhance Vietnam's energy security and
economic growth alongside the transition to lower emitting sources of fuel."

 

Nam Du/U Minh GSPA

 

The Nam Du/U Minh discoveries are located offshore southwest Vietnam in
shallow waters, with production targeted to commence in late-2028, as per the
approved field development plan previously announced on 18 March 2026.

 

The finalized GSPA sets out the terms on which gas will be supplied from the
Nam Du/U Minh fields offshore Vietnam to PV Gas, a subsidiary of Petrovietnam,
the state-owned national energy industry group of Vietnam. Key elements of the
GSPA include:

 

·      A daily contract quantity ("DCQ") of 80 MMscf/d, or ~13,000 boe/d
(gross).

·      Maximum DCQ set at 110% of DCQ.

·      Take-or-pay is set at 90% of DCQ, equivalent to approximately 26
Bscf per year during the plateau period.

·      The wellhead gas price is comparable to historical Vietnam gas
imports and subject to fixed annual escalation.

 

Combined, the Nam Du/U Minh fields contain independently audited gross 2P
reserves of 32 MMboe. Jadestone estimates up to 1.5 trillion cubic feet of
gross unrisked gas in place from seismically supported prospects within the
existing licenses, much of which lies in close proximity to Nam Du/U Minh,
representing low risk upside potential which could extend and/or increase
plateau production from the initial development.

 

-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 3207 7800 (UK)
 Ciaran Walsh
 Dan Gee-Summons
 Ryan Mahnke

 Camarco (Public Relations Advisor)                    +44 (0) 20 3757 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.

 

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.

 

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 presentation.

 

Glossary

 

 2P Reserves  Proved and Probable Reserves. Those additional reserves which analysis of
              geoscience and engineering data indicate are less likely to be recovered than
              Proved Reserves but more certain to be recovered than Possible Reserves. It is
              equally likely that actual remaining quantities recovered will be greater than
              or less than the sum of the estimated Proved plus 2P. In this context, when
              probabilistic methods are used, there should be at least a 50% probability
              that the actual quantities recovered will equal or exceed the 2P estimate
 boe/d        barrels of oil equivalent per day
 Bscf         billion standard cubic feet
 MMboe        million barrels of oil equivalent
 MMscf/d      million standard cubic feet per day

 

 

 

 

 

 

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