SINGAPORE, May 28, 2018 (GLOBE NEWSWIRE) -- Jadestone Energy Inc. (TSXV:JSE) (the “Company” or “Jadestone”) has received approval from Vietnam’s Ministry of Industry and Trade (“MOIT”) of its Outline Development Plans (“ODP”) for the Nam Du and U Minh gas fields in block 46/07 and block 51, respectively, offshore Southwest Vietnam. This approval serves as a formal starting point for the development of these fields. Front End Engineering and Design (“FEED”) work, and negotiations of a Gas Sales Agreement (“GSA”) will begin immediately.
“I am delighted by this key approval, which we accept as a strong vote of confidence in Jadestone’s ability to deliver these offshore gas developments, which are so deeply important for Vietnam,” said Paul Blakeley, President and Chief Executive Officer. “This is a perfect example of one of the central strands of our strategy, which we unveiled 18 months ago, which is to add value by commercialising near-term undeveloped discoveries, especially gas fields with logical ties to the gas-hungry domestic markets in Southeast Asia.”
“The Nam Du and U Minh ODP approvals were achieved by deploying Jadestone’s unique expertise in the region and by utilising some of the key relationships we hold. It’s also further evidence of the success of the rapid strategic reset by the new management team, accelerating the development of resources within the portfolio to create significant value for shareholders.”
The Company’s revised ODPs propose commercialising the Nam Du and U Minh fields, which contain high quality, low CO2 gas resource, as stand-alone developments, utilising existing infrastructure including a nearby pipeline to feed the onshore Ca Mau power complex and adjacent 800,000 tonne/year fertiliser plant. As of January 1, 2016, the fields were estimated by LR Senergy to hold recoverable 2C resources of 202 bcf gas and 0.7 million bbls of liquids.
In addition to satisfying various customary conditions specified by the MOIT, the Company intends to complete FEED work and GSA negotiations prior to submitting a Field Development Plan by approximately 3Q 2019. Target for first gas production remains late 2021.
For further information, please contact:
Media and General Enquiries
Email: contact@jadestone-energy.com
Phone: +65 6342 0359
Investor Enquiries
Email: IR@jadestone-energy.com
Phone: +1 403 975 6752
About Jadestone Energy Inc.
Jadestone Energy Inc. is a TSX-V listed oil and gas company headquartered in Singapore. The Company is currently engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines. Following a recent strategic review, the Company is focusing on acquiring assets with production in the near term, and where significant follow-on reinvestment opportunities exist to enhance value, as well as undeveloped discoveries which may be rapidly brought to production.
Cautionary Statements
Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts. Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “expects”, “intends”, “to proceed”, “look forward to continuing”).
In particular, forward-looking statements in this press release include, but are not limited to statements regarding timing of FEED work, GSA negotiations, submission of a Field Development Plan and production from the fields.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone.
The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.