26th Jan 2024 14:33
Jadestone Energy PLC - independent upstream energy company focused on the Asia-Pacific region - Signs heads of agreement with PetroVietnam Gas Joint Stock Corp for the Nam Du and U Minh gas fields development project in offshore Vietnam. The deal is the "first step" in the commercialisation of the NDUM fields, which are located in Block 46/07 and Block 51 in shallow water, offshore southwest Vietnam. The agreement stipulates a daily contract quantity of 80 million standard cubic feet per day under a take-or-pay arrangement over a targeted minimum plateau period of 55 months, with an earliest possible first gas date in late 2026.
Chief Executive Officer Paul Blakeley says: "While there remains significant work ahead to deliver a GSPA and a detailed project plan and development schedule to first gas, this is a clear signal of intent from the government to see this resource developed. The Nam Du and U Minh gas fields would deliver significant medium-term production growth for Jadestone, further diversifying our asset base and increasing our gas volumes while decreasing our GHG emissions intensity - all key elements of our strategic aim to be a leading Asia-Pacific upstream company."
Current stock price: 26.95 pence
12-month change: down 67%
By Holly Beveridge, Alliance News reporter
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